Venezuelan President Hugo Chavez announced a 26.5% increase of the minimum wage late Monday, which will take effect in two stages beginning May 1.
Next month, minimum wage will be raised 15% followed by a second hike in September, bringing the monthly salary to 1,548 bolivars or $360 at the state-set exchange rate.
The new wage will cover roughly 1.4 million workers, according to a government official who joined Chavez in unveiling the measure on state television.
