Estimated read time: Less than a minute
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
CARACAS, Venezuela (AP) — Venezuela's president says he is again raising the minimum wage, though it still will be below the equivalent of $2 a month as inflation soars in the crisis-stricken country.
President Nicolas Maduro made the announcement Wednesday before a cheering crowd of workers. It is the fourth such increase this year.
The boost brings the monthly pay most Venezuelan workers bring home to little more than 5 million bolivars. That is about $1.85 on the commonly used black market exchange.
Despite having the world's largest proven oil reserves, Venezuela is in its fifth year of an economic crisis worse than the Great Depression.
Maduro last raised the minimum wage in April, shortly before officials declared him the winner of a contested presidential election earning him a second term.
Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
