The minimum wage has not increased since March 15, 2022, marking the longest period without a raise in the last 27 years.
Guacamaya, March 8, 2025. This March 15 marks three years since Venezuelan workers last saw an increase in their minimum wage. Since then, they have faced the longest period without salary adjustments in the last 27 years, amid high inflation and a deep economic crisis.
On March 15, 2022, Nicolás Maduro announced an increase in the monthly minimum wage to 130 bolivars, equivalent to approximately 30 dollars at the time. This adjustment also included increases in retirement and pension benefits, as well as in the Cestaticket Socialista benefit. However, the raise failed to mitigate the effects of inflation and the devaluation of the bolivar, and as of today, it is worth just 1.99 dollars at the official exchange rate.
The government of Nicolás Maduro has implemented various measures to try to alleviate the situation, including the introduction of a “Comprehensive Minimum Income” program, which provides bonuses of up to 130 dollars. However, these bonuses, last updated in May 2023, do not affect benefits, pensions, or other labor rights, leading to criticism from unions and human rights organizations.
The non-governmental organization Provea has denounced that the wage stagnation has destroyed family income and savings, and that the government has replaced wages with an irregular bonus policy that does not provide labor benefits. Through X, the NGO described the economic model as “opaque” and added that it “seeks capital accumulation at the expense of the extreme precarization of decent employment and the use of cheap, semi-slave labor in the 21st century.”
Devaluation and Inflation: Impact on Purchasing Power
Since March 2022, when the last minimum wage increase was announced in Venezuela, this income has lost more than 90% of its value in dollars. That same year, the annual inflation rate reached 305.7%, a slowdown compared to previous years but still extremely high, according to data from the Venezuelan Finance Observatory (OVF).
Although inflation slowed to 193% in 2023 and 85% in 2024, the year-on-year rate as of February 2025 stood at 117%, according to the OVF. While the organization recorded a 3.9% expansion in economic activity during 2024, it attributed 70% of that growth to a significant increase in oil production, which rose by 12.3%, largely due to Chevron’s contribution.
With the recent revocation of the U.S. oil company’s license by the Donald Trump administration, the halt in its operations could result in a loss of between 4,000 and 4,500 million dollars for Venezuela, according to data from the firm Econalítica. This situation would affect the stability of the foreign exchange market and, of course, the purchasing power of the population.
Comparison with Other Latin American Countries
Compared to other Latin American countries, minimum wages in Venezuela have been significantly lower for years. At the beginning of 2025, the minimum wage in Venezuela remained at extremely low levels, with a value of approximately 2.5 dollars per month, according to a Bloomberg compilation.
In contrast, countries like Costa Rica and Uruguay have established much higher minimum wages, at 725.6 dollars and 505.5 dollars, respectively. Meanwhile, in Brazil, the minimum wage increased from 227 dollars to 244.7 dollars in 2025, representing a 7.5% increase. In Mexico, the minimum wage also rose by 12%, reaching 416.6 dollars per month.
These contrasts highlight the growing economic and social gap between Venezuela and its regional neighbors. While other Latin American countries strive to maintain their workers’ purchasing power in the face of inflation, in Venezuela, the minimum wage has remained stagnant and has drastically lost its real value.
