Venezuela President Increases Minimum Wage

Venezuela President Nicolas Maduro on Friday raised minimum wage for the second time in this year. The move has been especially taken to help workers being battered by the world's highest inflation.

Maduro while speaking at a May Day rally said that he is increasing the minimum wage and pensions for retirees by 30%.

He also announced that two-third of the increase will be coming in this month itself and the rest of the increase in wage will be coming on July 1.

The socialist leader also told that he would raise salaries for government employees and military personnel as well.

The announcement of wage increase could be a relief for many workers, but it fell short of expectations that the embattled Maduro might use Friday's celebrations to expand state control of the slumping economy.

Maduro in recent years has increased attacks on the country's business elites, prompting the head of the nation's biggest food maker, Empresas Polar, to publish a rare public letter to the president calling for a dialogue.

"Sometimes we don't see the face of the monster that wants to destroy the economy and irritate the people", said Maduro at Friday's rally.

Maduro has even made promises about some more measures that will come forward in coming days. He said he would wrest control of the economy from the 'oligarchs' and 'big wigs' who he accuses of trying to topple the government.

The pay increase as told by the president will follow a 15% increase in January and will take Venezuela's minimum wage to 7,324 bolivars a month.

As per economists, the wage increase is only likely to feed the inflationary spiral that coupled with widespread shortages of goods is wreaking havoc on Venezuelans as the oil-dependent economy struggles.