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Hundreds of Venezuelan workers and retirees marched through Caracas on Monday, demanding an urgent increase to the minimum wage that has been frozen for four years.
Currently, the monthly base pay has eroded to approximately 28 cents in U.S. currency, while annual inflation rates have skyrocketed past 600%.
Demonstrators, many of whom are struggling to afford basic medicine and food, expressed frustration over the disparity between their income and the cost of living; private estimates suggest a family needs roughly $645 a month to meet basic needs.
The demonstration faced significant tension as it approached the labour ministry, where riot police and a squadron of pro-government motorcyclists obstructed it.
While government vouchers can bring a worker’s total monthly income to around $150, labour unions are calling for a minimum wage of at least $200.
These groups are appealing for the release of funds reportedly generated from oil sales under the interim administration of Delcy Rodriguez, following the ousting of former president Nicolas Maduro earlier this year.
Despite a government website indicating that $300 million has been earmarked for wage increases, economists warn that the nation’s fragile economy may not yet support the level of pay being demanded.
Meanwhile, loyalists to the former administration continue to blame international sanctions for the economic crisis, arguing that lifting these restrictions is the only way to address the wage issue sustainably.
Interior Minister Diosdado Cabello echoed this sentiment, maintaining that the removal of sanctions remains a prerequisite for significant financial recovery.
