Acting President Delcy Rodriguez of Venezuela announced Wednesday that her administration plans to implement a wage increase for workers beginning May 1, describing it as a “responsible increase” to worker compensation.
Rodriguez did not specify the exact amount of the planned wage adjustment during her announcement.
Currently, Venezuela’s minimum wage stands at 130 bolivares monthly, a rate that has remained unchanged since March 2022 and equals only a few cents in U.S. currency. However, many government workers receive additional compensation through bonuses and supplemental payments that can bring their total monthly earnings to approximately $150.
“Our immediate, medium-term and long-term goal is to steadily and gradually restore workers’ incomes through productive growth in both the hydrocarbons and mining sectors, which generate immediate revenue once production recovery takes place,” Rodriguez stated during her televised announcement on state television.
The acting president emphasized that the wage adjustment would consider potential inflationary effects and indicated that Venezuela would continue progressing in this direction as additional resources become available to the country.
During her address, Rodriguez also renewed calls for the United States to lift economic sanctions imposed on the South American nation.
Relations between the two countries have improved following the U.S. capture of President Nicolas Maduro during a raid in Caracas earlier this year. The Trump administration has since been collaborating with Rodriguez and exploring opportunities to expand American involvement in Venezuela’s petroleum and mining industries.
Rodriguez, who has backed recent legislative efforts to encourage increased private and foreign investment in both sectors, announced plans to establish a commission that will identify which assets the state considers strategically important. She warned that those hoping for the privatization of PDVSA, the state-owned oil company, would be disappointed.
