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Post by livinginmedellin on May 1, 2016 8:52:50 GMT -5
Venezuela's president is ordering a 30% increase in the minimum wage, the latest move by the socialist government to grapple with high inflation and economic stagnation. The boost announced Saturday night by President Nicolas Maduro comes after a 25% increase on March 1. The new increase is effective Sunday, which is International Labor Day, and will push the minimum wage to 15,051 bolivars a month. That is about $1,500 at the official exchange rate, but is around $50 at the current black market rate, which largely sets prices of goods for Venezuelans. See: abcnews.go.com/International/wireStory/venezuela-hikes-minimum-wage-30-percent-amid-economic-38791913
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Deleted
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Post by Deleted on May 2, 2016 5:39:38 GMT -5
The opposition has collected enough signatures to dispose off president Maduro and today will be a vote in parliament on the measure. What a coincidence the minimum wage is raised on the same day.
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Post by youngman on May 3, 2016 10:48:20 GMT -5
I have read that they cant print enough Bolivars..the companies that do it..will not take Venezuelas orders anymore because of slow payments....and they will not make a larger banknote....so they have to print trillions of notes...it was said it would keep one company busy all year if they took the deal.....they did not because they did not get paid for the last contract....so that is going to be the end of Venezuela for now...
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Post by scumbuster on May 3, 2016 11:09:17 GMT -5
Venezuela increases minimum wage again, this time by 30%
With the inflation the way it is that 30% increase is probably a 75% pay cut.
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Post by billyb on May 3, 2016 11:42:59 GMT -5
I have read that they cant print enough Bolivars..the companies that do it..will not take Venezuelas orders anymore because of slow payments....and they will not make a larger banknote....so they have to print trillions of notes...it was said it would keep one company busy all year if they took the deal.....they did not because they did not get paid for the last contract....so that is going to be the end of Venezuela for now... A while back I read they were flying in tons of printed Bolivars from Russia. They will need to increase minimum wage 30% a week just to keep up with inflation, which itself, of course, will help to increase inflation.
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Post by scumbuster on May 3, 2016 16:53:13 GMT -5
The Venezuela economy is so bad that Russia didn't even bother keeping any. LOL
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Post by billyb on May 3, 2016 17:00:48 GMT -5
Jaja.
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