The minimum wage in Venezuela is too low due to the coronavirus and inflation in Venezuela. Prices of goods and services are currently quite high in Venezuela, and the year 2020 will end by dialing between 4 and even 5 digits equivalent to 15,000%, determined as the highest inflation in the world according to experts and economists.
In Venezuela, wages have gotten worse over time due to the country's inflation and corruption, the current crisis, and the effects of the new coronavirus pandemic have added to what was previously known in the country as experts in Venezuela claim. (Article continues below)
The increase in prices of goods and services from January to August of this year in Venezuela was 848.5% and 450.4% between January and March 2019. All this indicates that prices go up and down and there is not a wage high enough and set "right" to be able to provide different options to the country and its inhabitants as food and products of the basic necessity basket for Venezuelans who every day try to fight the crisis that is being lived in the country. In Venezuela with the coronavirus pandemic and its current situation, poverty became much higher. There are inequality, insecurity and problems, and the minimum wage is not enough to address food products and basic necessities, day by day, the country worsens.
Some people claim that the situation in Venezuela is total madness because there is no existing salary that addresses the hyperinflationary process that the country is going through. It's a food crisis. Some people manage to identify these causes to the government and all the previous problems that Venezuelans have been through, claim that the country Venezuela has been in the eye of a hyperinflationary hurricane for about 32 consecutive months; it is also worth noting that in Venezuela, the use of the Colombian peso (between the Colombian and Venezuelan borders) and the US dollar is too strong and often used throughout the country, it is stated that the most frequent use of the dollar is positive and in conclusion the US currency is the local economy in the country that has continuously been giving in relation to this; a national crisis that has forced many to leave the country in search of better opportunities and a better quality of life in their own well-being. If the country were dollarized, different processes would be implemented to carry out a better quality of life in the country and without the corruption that is lived in the country, a better life would be lived.
In Venezuela, the current minimum wage has been raised to $4.6, which is the amount of money that is canceled to Venezuelans for an entire month's work. The general problem in Venezuela is inflation and prices rising in crisis. Toothpaste as a staple costs approximately $2 in the country with a minimum wage of one month's work of $4; if we talk about other products like diapers for a baby, they cost about $8 which is fully accessible to people who receive money from abroad by family members or work abroad.
Since May 1st of the current year 2020, President Nicolás Maduro announced that all workers in Venezuela would receive an increase in the monthly minimum wage to $4, which does not benefit at all the citizens and inhabitants in the country who are fighting against the crisis and the current pandemic in Venezuela. It means that living in this country is not an easy thing.
Venezuela is the only country in which the government gives measures to increase the monthly minimum income of just "$4" amid a global pandemic generated by COVID-19.
Even with the increase, the minimum wage in Venezuela with inflation that in the first three months of the year rated 124% respectively according to central bank figures in Venezuela, remains one of the lowest wages in the region and is totally insufficient to meet the basic needs of the inhabitants in the country. The country's poor majority is on a poor diet, according to UN World Food Programme figures.
The inability of many people in the country to get the basic food and the respective commodities needed previously was caused by shortages in the country. But some time later, when the overall supply in the country was regularized, the leading cause of the problems began to be the high prices that were set based on the monthly minimum wage in Venezuela which is not high enough to be able to buy food and necessities basic with their high prices.
It has been determined that more than 5 million workers in Venezuela in the public administration should be better paid monthly but do not receive the minimum wage corresponding to their services in their careers. It was also emphasized that speculators and experts are the enemies of the Venezuelan people and government as well as the genocidal measure that has been put to the country by the government of the United States of America.