Maduro raises Venezuela's minimum wage 30 percent to help workers hit by raging inflation

Economic Indicators Associated Press

Venezuelan President Nicolas Maduro is raising the country's minimum wage to help workers being battered by inflation running at more than 60 percent a year.

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Speaking at a May Day rally Friday, the socialist president said he will increase the minimum wage and pensions for retirees by 30 percent. He is also promising more actions to empower workers in what he says is an economic war against capitalist employers.

The pay and pension increase is the second this year and takes Venezuela's minimum wage to around 6,700 bolivars a month. That's about $1,000 at the country's official exchange rate but less than $25 at the black market rate widely used to set many prices.