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Name the country which announced a 40% increase to the minimum wage with effect from January 2018?
  • a)
    Egypt
  • b)
    Lebanon
  • c)
    Oman
  • d)
    Venezuela
  • e)
    Palestine
Correct answer is option 'D'. Can you explain this answer?
Verified Answer
Name the country which announced a 40% increase to the minimum wage wi...
Venezuelan President Nicolas Maduro announced a 40 percent increase to the minimum wage with effect from January 2018. In recent times, Venezuelan economy has witnessed world’s fastest inflation. Although Venezuelan government no longer publishes inflation data on a regular basis, internal assessment has revealed that prices went up 1369 percent between January and November 2017. To counter this situation, Maduro has been raising the minimum wage. However galloping inflation along with a depreciating bolivar currency has plunged millions of Venezuelans into poverty. Economists are of the opinion that these approach is putting Venezuela through a vicious cycle. However, Maduro believes that wage hike will protect workers against US Government’s ‘economic war’ to sabotage socialism in Venezuela.
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Name the country which announced a 40% increase to the minimum wage with effect from January 2018?a)Egyptb)Lebanonc)Omand)Venezuelae)PalestineCorrect answer is option 'D'. Can you explain this answer?
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