Venezuela Chavez: Minimum Wage To Increase By 10% Sep 1
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CARACAS (Dow Jones)--Venezuelan President Hugo Chavez on Friday announced a 10% increase in the minimum wage starting Sept. 1, just three months before the country's presidential elections.
"We have decided on an additional 10% minimum wage increase beginning Sept. 1," he said in a televised address to celebrate Labor Day.
As a result, Venezuela's minimum wage - now at 465,000 bolivars ($216) a month - would reach VEB512,000, or $238, a month, the president noted.
Chavez announced a series of labor law changes as well as pension and wage increases in what he called another step in paying off the "social debt" the country owes to the poor.
The president also announced an increase in the salaries of public school teachers. Chavez said teachers will receive a 30% increase starting May 1 and a further 10% starting Oct. 1.
The wage hike for teachers stands to benefit 365,479 people, Chavez noted, of which roughly 233,000 remain active.
The leftist leader has promised to continue a generous redistribution of the country's windfall oil gains this year ahead of December's election.
Chavez has vowed to run for another six-year term and to remain in politics until 2030.
-By Raul Gallegos, Dow Jones Newswires; 58-212-564-1339; raul.gallegos@dowjones.com
(END) Dow Jones Newswires
April 28, 2006 15:18 ET (19:18 GMT)
Copyright (c) 2006 Dow Jones & Company, Inc.- - 03 18 PM EDT 04-28-06 |
