Venezuela Boosts Minimum Pay to $240 While Pensions Rise

The acting president of Venezuela announced that the lowest monthly wage will jump to $240, a move aimed at easing the burden on workers facing soaring prices. Pensions for retirees will also climb to $70, marking a 40‑percent increase, though officials said this may still fall short of what people need. The decision comes amid widespread protests by public‑sector employees who argue that their salaries are too low to keep up with the country’s extreme inflation, which reached 649 % last year. Workers in education, health and other services have staged frequent demonstrations since the political climate shifted after the U. S. seized President Maduro’s wife in January. In addition to the wage hike, the government plans to lift foreign sanctions, hoping this will attract investment and strengthen the economy. The new pay package is seen as a first step toward restoring real purchasing power for citizens across the nation.

The Ministry of Finance did not clarify how much of the $240 will come from a base salary versus bonuses. Earlier this year, a decline in the bolivar’s value pushed the cost of public‑sector bonuses from about $250 million to roughly $400 million, according to local economists. Despite the announced increases, some supporters of the ruling party reported that bonuses had stopped being paid in certain regions, fueling further unrest and prompting some officials to leave the party. The public sector employs more than three million people, while around five million pensioners rely on state benefits. A planned union march in Caracas to demand higher wages was halted by police, as large crowds joined a government‑led rally instead. The new wage and pension adjustments aim to address these tensions, but observers note that more comprehensive reforms may be necessary for lasting change.

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