Baku - APA-Economics. President Hugo Chavez hiked Venezuela’s minimum wage by almost a third on Saturday as the ailing socialist leader aimed to solidify his political base among the poor and win re-election in October.
Ahead of the October 7 presidential election, his government has launched many projects, or "missions," including one that aims to build hundreds of thousands of homes, and others that provide cash handouts to the elderly and to poor families with children.
The 32.25 percent pay increase will take effect in two stages, on May 1 and Sept 1, and will bring the minimum monthly wage to about $475 at the official exchange rate.
Looking reasonably well and speaking with a strong voice, Chavez said almost 4 million workers would benefit.
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