The new order enacting the previously announced increase in Venezuela's minimum monthly pay has been published in the Official Gazette, but it contains no mention of the petro, the country's cryptocurrency. The law states that the minimum wage would be 130 VES, using the national fiat currency as the unit of account, which contradicts remarks made by Venezuelan President Nicolas Maduro.
Venezuelans are getting a real pay raise, according to the official gazette.
The reality regarding the claimed connection that the minimum monthly income had to the national crypto asset, the petro (PTR), following a recent rise was disclosed in the latest edition of the Oficial Venezuelan Gazette, a journal where laws and decrees are published after approval. The law stipulates the minimum payment in the country's fiat currency and makes no mention of the petro at all.
The decree 4.653 is included in Gazette 6,691, which was published on March 15th and states:
The necessary monthly national minimum wage for workers in the public and private sectors has been increased over the whole territory of the Bolivarian Republic of Venezuela... setting a monthly payment of one hundred and thirty bolivares (130.00 VES).
This contradicts claims made earlier this month by Venezuelan President Nicolas Maduro, who indicated that the minimum pay will be raised to half a Petro, and that the value of this minimal monthly income would be linked to the value of the crypto currency.
Explanations and Reactions
This directive, as well as the lack of a linkage between the minimum monthly salary and the national minimum wage, elicited comments from workers who bemoaned the situation. Pedro Eusse, the general coordinator of the National Front of the Working Class Struggle, said the hike was "an enormous letdown" when he discovered there was no such peg to the petro since it wasn't represented in the Official Gazette.
Eusse went on to say:
They pledged that the wage would be anchored at half a petro, an accounting unit that rises
in tandem with oil prices. The current situation is that the wage has been locked at $30.
However, Franklin Rondon, a representative of the country's National Assembly, stated that the petro was just used as a unit of account in this situation, and that this does not imply that the minimum salary would be increased every time the value of this crypto currency rises.