Hi guys, Venezuelan "living" here.
This was done also in 2018, but it lasted only two months the wage was unpegged and wage plumeted to around 2 USD monthly. Let's hope this time it stays and keeps going up!
Yes, you are reading it right, monthly minimum wage was 2 USD monthly and now it is around 28 USD!
Also there is a food bonus, paid in cash of 10 USD.
Wages are paid in Bolivares, 28 USD are around 126 Bs. (Bolivares) after goverment removed six zeros by law in Oct2021 (These 126 "current" Bolivares would have been 126,000,000 "old" Bs.)
If the peg is real amount in Bs. should change even if the exchange rate (USD / Bs) changes and PTR should stay around 60 USD.
- Average monthly minimum wage is around 89 USD, this is different than 2018 that is why I believe this time it will last more. in 2018 average wage was so much closer to the minimum wage. I mean, people already is over 30 USD monthly. This will benefit mostly public workers and retirees and pensioners (that have a bonus of the same amount than the monthly minimum wage by law).
- In average a 5 members family needs around 500 USD (this has been increasing lately) to "live" and 1,000 USD to live "ok". This is according to CENDA (an NGO).
- Remember average wage in South America is around 300 USD monthly.
- OCT2021 was the third time zeroes were removed from the currency. First was in 2008 where 3 zeroes were removed, then 5 zeroes in 2018 and now 6 zeroes in 2021. 1"current" Bs. would be 100,000,000,000,000 "pre2008" Bs.
Any question, I'm happy to answer.
Sources (PLEASE READ THEM, GOOD INFO):
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