Venezuela's Wage Boost: Strategic Moves in Oil and Mining

Venezuela plans to increase workers' income through oil and mining. Acting President Delcy Rodriguez announced a wage rise by May, aiming to boost salaries amidst economic challenges. Despite not specifying figures, Rodriguez emphasized productive growth and strategic investments, while seeking to end U.S. sanctions against Venezuela.

Venezuela is set to enhance workers' incomes, as Acting President Delcy Rodriguez announced a 'responsible increase' planned for May 1. The government aims to harness oil and mining developments to improve wages, yet specific figures remain undisclosed at this time.

The base minimum wage in Venezuela, unchanged at 130 bolivares per month since March 2022, equates to mere cents. However, bonuses boost public employees' earnings to around $150 monthly. Rodriguez emphasized the strategic goal to gradually restore income levels through growth in hydrocarbons and mining.

Amid attempts to end U.S. sanctions following improved bilateral ties, Rodriguez champions private and foreign investments in these vital sectors. The formation of a commission to review strategic assets was announced, alongside unwavering support for maintaining state ownership of PDVSA against calls for its privatization.

(With inputs from agencies.)