- People in the working sectors were outraged by this mandate.
- On March 15th, the Gazette 6,691 published decree 4.653.
Following a recent hike in the minimum monthly wage in Venezuela, the country’s official Gazette, which publishes laws and decrees, disclosed the truth about how the petro (PTR) was intended to be pegged to it. Nothing in the directive mentions petro as a medium of exchange; it only specifies a fiat money payment. On March 15th, the Gazette 6,691 published decree 4.653.
The Decree Read:
“The mandatory monthly national minimum wage is increased throughout the Bolivarian Republic of Venezuela territory for workers who provide services in the public and private sectors… establishing the amount of one hundred and thirty bolivares (130.00 VES) per month.”
Statement Contradicts Official Gazette Decree
According to Nicolas Maduro, Venezuela’s president, who made the declaration earlier this month, the minimum wage will be increased to half a Petro, tying it to the value of the cryptocurrency asset.
People in the working sectors were outraged by this mandate and the absence of a connection between this minimum monthly income and the previous one. This hike was “an immense disappointment when discovering that there is no such peg to the petro because that is not reflected in the Official Gazette,” said the general coordinator of the National Front of the Working Class Struggle Pedro Eusse.
According to legislation that has been issued, the payment will be 130 VES, which contradicts remarks made by the Venezuelan president. According to National Assembly member Franklin Rondon, the petro was just employed as a unit of account and does not imply that the minimum wage would be raised each time the value of petro increases.