Venezuela raises minimum wage by 40% as economic crisis deepens

Venezuela is to raise its minimum wage by 40 per cent, a move which could worsen high levels of inflation in the crisis-stricken nation.President Nicolas Maduro said the new pay level would protect workers against what he called Washington’s “economic war” on socialism.The new minimum wage will come into force in January, President Maduro announced during a televised end-of-year speech, and follows six previous pay hikes in 2017.