Venezuela to Boost Minimum Wage by 30 Percent, Minister Says

By Alex Kennedy

Caracas, May 1 (<a href=quote.bloomberg.com>Bloomberg) -- Venezuela will raise the country's minimum wage by 30 percent this year, not the 25 percent increase that President Hugo Chavez announced yesterday, said Labor Minister Maria Cristina Iglesias.

Minimum monthly wages will rise 10 percent on July 1 to 209,088 bolivars ($137) from their current 190,000 bolivars. The wage will go up 18 percent in October to 247,104 bolivars for a 30 percent rise this year, the minister said.

Chavez read the wrong figures yesterday when making the announcement, Iglesias said on state television.

Consumer prices may jump 35 percent this year, Finance Minister Tobias Nobrega said earlier this month. The country's inflation rate was 31 percent last year, when Chavez raised the minimum wage by 20 percent.

Last Updated: May 1, 2003 13:05 EDT