Authorities meet in Caracas to discuss Venezuela's new minimum wage.

During the last decade, the settlement of the minimum wage (it reached 799.5% between 1999 and 2009), show the progress of one of the main labor claims of Venezuelan workers; who hold the highest Latin American minimum wage.

In 1999, when President Chávez took office, the minimum wage was 120 Bs.F ($191). However, ten years later, it has been increased year after year.

In fact, in 2000 and 2001, the minimum wage amounted to 144 and 158 BS.F respectively ($209 and 213). Two years later, in spite of the April-2002 coup d’État and the oil strike promoted by the opposition, it continued growing.

Between 2003 and 2006 it went from 247 BS.F in 2003 to 512,3 BS.F ($238) in 2006, after the recovery of the state-owned oil industry (Petróleos de Venezuela, Pdvsa).

In 2007, the minimum wage reached 614,8 BS.F ($286) and in 2008 it amounted to 799,2 BS.F ($372). Thus, Venezuela ranks among the Latin American countries with the highest minimum wage.

Last March 2009, in spite of the world economic crisis, Venezuela’s government enacted an increase of 20 per cent to be paid in two phases: 10 per cent form May 1st and 10 per cent from September. With this increase, the minimum wage amounts to BS.F 959 ($446).

In September 2009, the minimum wage plus the food bond of $186 total $632 monthly; which doubles any minimum wage in Latin America, even over Argentina ($310).

About 2.6 million people receive this payment, including private and public workers.

This is part of a set of economic measures fostered by the government, including the increase of the VAT from 9% to 12%, in order to face the world economic crisis that only affects the country due to the oil price drop.

Bolivarian Agency News (ABN)