Venezuela raises minimum wage again
(CNNMoney) - Venezuela's president hiked the nation's minimum wage another 60% on Sunday in response to the country's ongoing economic crisis.
Unemployment in Venezuela is expected to pass 25% this year, and it could reach as high as 28% next year. The rate was 7.4% in 2015.
Venezuela's economy shrank a massive 18% last year -- its third year of recession -- and it's expected to be in the red this year, and next too.
Inflation is expected to surge to 720% this year and 2,068% next year, according to forecasts by the International Monetary Fund.
The new wage he announced Sunday will apply to a range of professions, including teachers, doctors, firefighters, police and military personnel.
The latest hike brings the minimum wage to 65,021 bolivares per month, up from 40,638. With an additional food stamp hike, that brings the country's wage to 200,021 bolivares per month. Maduro is allowing for food stamps to be deposited and used as cash.
The total monthly wage is equivalent to about $46.70, according to the popular but unofficial exchange rate website DolarToday.com.