During a rally apropos Labor Day in Caracas, Venezuelan President Nicolás Maduro announced a 30% increase in the minimum wage and pensions, an adjustment in the minimum wage scale of public administration, plus another increase in the wages of the officials of the Bolivarian National Armed Forces (FANB).

Maduro explained that the first 20% increase would be effective immediately, and the remaining 10% increase will be implemented on July 1.

Hence, minimum wage rose from VEB 5,634.47 (USD 887.37) to VEB 7,324.8 (1,153.58).

New "grassroots" regulatory body

The president also announced the establishment of "Communal Councils for Supply and Production", which will operate "in all factories and premises nationwide."

El Universal