Venezuelan President Nicolás Maduro marching with Venezuelan workers and supporters during the May Day march in Caracas on May 1, 2024. Photo: X/@PartidoPSUV.
Caracas carried a red tide of Chavistas marching from the east to the west of the city in a massive May Day march and demonstration of support to the Venezuelan president and incumbent presidential candidate for the upcoming July 28 elections, with President Maduro joining the marchers and celebrating alongside the people.
After participating in the march this Wednesday, May 1, the president announced the increase of the comprehensive monthly minimum comprehensive indexed income to the equivalent of $130, to be paid in bolívars at the currency exchange rate at the time of each payment. President Maduro explained that since January 1, when the minimum comprehensive indexed income was at $70, the Chavista government has raised it by 86% so far this year. Meanwhile, Venezuelan inflation has been heavily reduced by effective economic policies that have taken the accumulated inflation for the first quarter of 2024 to 4.1%, according to the Venezuelan Central Bank (BCV).
The president pointed out that in 2008, the country had an income of $65 billion, and Chávez raised the minimum comprehensive income to $380. In 2013, the country’s revenue was at $53 billion, and the minimum salary maintained at above $200. Then came the “total economic war,” the president said, referring to the US sanctions that ramped up in 2019. In 2020, Maduro continued, during the pandemic, revenue fell to $700 million, and the minimum comprehensive indexed income fell to $4. “Last year, the comprehensive income was set at $30, and it went well. Then we raised it to $70,” he continued, referring to the increases in economic warfare bonuses and continuation of the food bonuses, “then in January we put it at $100, growing step by step.”
Contundentes imágenes de la Gran Marcha en Caracas por el Día del Trabajador y la Trabajadora, rumbo al Palacio de Miraflores.
Una movilización que también está ocurriendo en distintos estados del país.
La mediática mercenaria internacional nunca mostrará esto.
(vía… pic.twitter.com/lnAOEavrCg
— ✽ Orlenys Ortiz 🍁🍃 (@OrlenysOV) May 1, 2024
This is an important improvement in the real income of the Venezuelan workers embedded in this new salary approach, which do not raise the nominal minimum wage but is based in special bonuses outside of the labor benefits provided for by Venezuelan labor law. Due to this, Venezuelans complained about the lack of this adjustment in this important item that has an impact in the payment of retirement benefits, vacation bonuses, and end-of-year bonuses, among others.
To account for this particular deficit of his announcement, President Maduro explained that his government will keep monitoring the development of the Venezuelan economy for the second half of the year in order to evaluate new adjustments in the minimum wage. He also explained that the government had more options of salary improvements, but they were affected by the resumption of illegal US sanctions that were announced by the US Treasury’s Office of Foreign Assets Control (OFAC) on April 17, which represented a drop of at least $2 billion in public income.
“I will not rest for a second until we bring the income and rights of workers to the levels that Commander Chávez left us with,” the head of state explained to assuage public concerns. “With our own efforts, with a productive economy, with the people’s creation of wealth, and we will return to the times of justice and equality, in order to build worker socialism. I will not rest for a second, and I know that we will win again, I know that we will achieve this! My commitment is to you, from the bottom of my heart.”
President Maduro Announces 42.8% Raise of Workers’ Monthly Income
The Venezuelan president also announced the plan to strengthen CLAP Obrero‘s policy, which consists of providing boxes of subsidized food to workers, in order to guarantee that it reaches “the entire organized worker class.”
President Maduro also made a point to review Venezuela’s recent economic recovery. He said that oil production is reaching 900,000 barrels per day (bpd), with a target of 1.2 million bpd, and that Venezuela registered in March the lowest inflation in the last 14 years, despite the illegal ongoing US sanctions. He added that in the first quarter, tax collection grew by 78%, with the money destined for social programs, as well as that since 2018, the country’s fishing production has increased by 67%.
During the national address, President Maduro also declared the signing of the “law on the housing and habitat provision regime for the working class.” He said that the Chavista government will build 2 million new homes in the next six years, and that this law will guarantee more direct access for workers to housing. Currently, the Venezuelan government has built 4.9 million houses for low income families, and the new goal is to raise this to 7 million houses.
Special for Orinoco Tribune by staff
OT/JRE/AU
