Wages in Venezuela increase by 92% in the second quarter
In the private sector, the higher increase is recorded in the construction area
The remuneration index prepared by the Central Bank of Venezuela (BCV) indicates that wages climbed 92% on average during the second quarter of this year.
An increase in wages, combined with a slower advance in prices, has allowed the purchasing power to recover partly from the loss recorded in the last two quarters.
"The slowing down of goods and services prices and the increases in workers' remuneration have allowed to restore the purchasing power to the levels of the third quarter of 2011," said BCV authorities.
When wage increases in the public and private sectors are analyzed, it is apparent that people who work for the Government received an average increase of 5.3% during the second quarter, while workers in private enterprises received a rise of 11.1%.
In the private sector, wage increases vary significantly depending on the sector.
According to the central bank, the highest wage increase was recorded in the construction sector (14.8%), followed by the trade sector (up 10%), the manufacturing sector (9.9%), and education (8.4%). Hotels and restaurants recorded the lower rise with 6.7%.
In the private sector, wages also varied significantly based on the occupational groups.
Employees and workers received the higher rise with an average of 13.8%; medium-level professionals and technicians (up 12.7%); office workers (12%); unskilled workers (11.6%); installation operators (11.4%); service workers and shop assistants (10.8%); professionals and scientists (9.1%) and executive staff (8.3%).
However, upon assessment of wages evolution in a longer period, the central bank numbers show that purchasing power now is 13.3 percent lower than in 1997.
Translated by Karina Salas
Luis Jiménez Alfaro seems to have hidden under the rocks. The last time he was seen was on April 2006 walking calmly around Simón Bolívar International Airport of Maiquetía, located nearby Caracas. At that time, more than five tons of cocaine arrived in Mexico in an airplane which took off from Venezuela, and his name featured as a missing piece of the puzzle of one of the most massive drug shipments that has been witnessed in the Western Hemisphere.