Monday, May 29, 2023

Luis Oliveros: “The government was able to increase the minimum wage to between 50 and 100 dollars”

Economist Luis Oliveros, dean of the Metropolitan University’s Faculty of Economic Sciences, assured that despite financial sanctions, Nicolas Maduro’s government could raise the minimum income of workers to $100.

expert indicated wave the superstation The minimum wage must reach $500 to cover the food basket. But he said, “The government can’t do that, but they can bring it down to $50, $80, $100.”

Luis Oliveros: “I think the cash flow is sufficient”

“In the end, people are earning around $65, which when taken to World Bank metrics equates to a Venezuelan earning $2 a day in the public sector. That is poverty,” he said.

He insisted that the government could have increased more.

“I think the cash flow of the government is sufficient, the problem is that there is no information about it,” he said.

He said that Venezuela is producing an average of 700,000 barrels of oil per day.

“And a good portion is being exported as domestic consumption is low. Additionally, tax collections are on the rise, which are 25% higher in dollar terms than last year. It seems that the government has the resources, but there is a problem of managing and managing those resources.”

Ruined the minimum wage

On Monday, May 1, Labor Day, Nicolás Maduro made a salary announcement that, in the opinion of economists, workers and politicians, overstated the minimum wage figure, because the increase was scaled down, but two bonuses were mentioned. Was: food (sestatict) and the so-called “economic war.”

In the case of the Sestaticticket, it rose from 45 bolivars (less than $2) to $40, indexed to the official rate of the Central Bank of Venezuela (BCV).

Meanwhile, the “economic warfare bond” was set at $20 on Monday. But this Tuesday the government decided to increase the rate by $10 to $30. According to Maduro’s statements, this bond will also be indexed to the official exchange rate.

It’s not 70 dollars

Apparently, adding the increase to these two bonuses, it can be assumed that the minimum income will remain $ 70, to which 130 bolivars of the minimum wage (about $ 5) will be added, for a total of $ 75. but it’s not like that. There is a catch in this, as these bonuses are not available to all employees.

On the one hand, the SeStatic is a special benefit for active workers, so retirees and pensioners won’t get that $40. Employees who provide services as independent workers, for both the private and public sectors, or who are not registered on the payroll, will also not receive it.

Similarly, at the discretion of the government, “economic war bonds” are granted only to certain people through the Patria system. Therefore, a good portion of the population, especially in the private sector, will not receive these $30.

Furthermore, the bonuses do not generate social benefits, which are calculated based on the minimum wage, which remains at 130 bolivars through March 2022. For this reason, this increase in the minimum income declared on Labor Day will not affect it. Calculate labor benefits such as holidays, bonuses or benefits for termination of work.

Nation World News Desk
Nation World News Desk
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