Get 40% Off
🤯 Perficient is up a mind-blowing 53%. Our ProPicks AI saw the buying opportunity in March.Read full update

Venezuelan teachers march for better pay amid sky-high inflation

Published 01/16/2023, 01:33 PM
Updated 01/16/2023, 02:46 PM
© Reuters. FILE PHOTO: Teachers and health workers carry a mockup coffin covered in Bolivar bank notes during a protest demanding better wages, improved labor contracts and payment of bonuses, in Caracas, Venezuela January 11, 2023. REUTERS/Leonardo Fernandez Vilori

(Reuters) -Teachers, retirees and workers' unions marched in at least six Venezuelan cities on Monday to demand better salaries, as the government of President Nicolas Maduro faces renewed challenges in its attempt to fight inflation.

Venezuela's inflation is estimated to have reached 305% last year, according a nongovernmental group of economists who calculate indicators in the absence of official data.

The government has not adjusted the salaries of public- sector employees since March last year, part of efforts to reduce spending and increase taxes which allowed Venezuela to emerge from hyper-inflation.

But in the second half of last year demand for foreign currency outstripped the weekly supply of dollars made available by the central bank and the bolivar depreciated further.

The minimum monthly salary for a public school teacher is about $10, while university professors earn between $60 and $80.

"Our salaries are peanuts. I earn 460 bolivars a month (about $23)," said Odalis Aguilar, a 50-year-old teacher who marched in the city of Maracay. "We need a living wage."

In the central state of Carabobo, teachers and public employees also held demonstrations, saying salaries do not cover the cost of food and medicine.

"Our food is carbohydrates, no protein, few vegetables, it is very basic," said Reina Sequera, a professor at the University of Carabobo and the main breadwinner in her family of three. "We can't even afford acetaminophen."

Economic strife is caused by sanctions imposed on the government by the United States, ruling party Vice President Diosdado Cabello said in comments aired on state television.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Teachers also marched in the western states of Zulia and Lara.

Over the weekend the government paid public employees a bonus equivalent to $29.80.

Dozens of teachers also marched in San Cristobal, capital of border state Tachira.

The bonus "does not reach $30. Is that what Maduro lives on? You're throwing us crumbs," said Gladys Chacon, president of the Tachira College of Teachers.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.