Venezuelan President Nicolas Maduro says he will
increase the minimum wage by 15% starting in December.
The raise, the third this year, comes amid an annual
inflation rate of 63.4%.
Maduro said the measure and other benefits meant
workers would be better off despite the inflation, which he blamed on an
"economic war" the opposition were waging against him.
The new wage will be 4,889 bolivars per month ($776;
£485 at official exchange rates, $49 in the black market).
Under Venezuela's strict currency controls, people
and businesses can receive US dollars at the official rate only by applying to
a government currency agency, and then only for specific purposes such as importing
goods or paying for foreign travel.
The amount of dollars available at the official rate
is restricted, but the demand remains high. This has caused the black market to
flourish.
To applause from party members and workers gathered
at an official event, President Maduro said he had "decided to accept the
proposal from the workers to decree a 15% rise in the minimum salary from 1
December".
Last week, the president announced that he would
raise the salaries of the members of the Venezuelan armed forces by 45%, a move
which was heavily criticized by the opposition.
Maduro said the increase was "just" and
"well deserved".
"The armed forces are made up of workers who
guarantee peace, stability and protection for our country," he said.
"All year round, at all hours they are guarding
our borders, and that's why I get indignant when they are attacked by the
oligarchy," he added.
Maduro says Venezuela's economic problems are
created by a greedy elite which lives off the profits of smuggling and selling goods
at inflated prices.
The opposition accused the socialist government of Maduro
and that of his predecessor in office, Hugo Chavez, of mismanaging the economy
for the past 15 years they have been in office.
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