Amid rising poverty and inflation in Venezuela President Nicolas Maduro has announced in his weekly television broadcast that he will be increasing the minimum wage by 60% from 40,638 to 65,021 bolivares per month in an attempt to ease poverty and quash the protests.
Venezuela is currently in a deep crisis thanks to plummeting oil prices that have crippled the countries exports and have brought the country to its knees. However President Maduro who came into power in 2013 after Hugo Chavez death does not see himself to blame for mismanagement of the countries economy but instead blames the countries current situation on an economic war waged by his opponents instead.
Unemployment in the country is at an all time high and is expected to reach 25% by the end of this year. Some economic experts also predict that inflation in the country will also rocket to 2,068% next year.
The people of Venezuela have simply have had a enough and have took to the streets in protest against the so called socialist government. It has been reported that 28 people have been killed in Venezuela that have erupted at the being of April against President Nicolas Maduro. Many of President Nicolas Maduro critics have said that this increase in minimum wage will do nothing to help those in poverty in the country and may in fact perpetuate the situation. With the increase in minimum wage President Maduro has also promised to allow food stamps to be allowed to be used as currency in the country as well.