Model For Adjustments To The Minimum Salary Will Be Ready By The End Of The Year

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In order to avoid that the increase of the minimum salary is subject to political decisions, but consistent with technical mechanisms and periodic evaluations, the Ministry of Labor will promulgate – by the end of the year – the institutional policy of setting the minimum vital remuneration (RMV).

Since it has not yet been established in a standard that allows for an institutional policy to fix the minimum wage (and avoid its fluctuation due to political situations), the goal is to have a norm approved through a supreme decree by the end of the year to determine the salary, Fernando Cuadros, Deputy Minister of Employment Promotion and Labor Training (MTPE), told Gestión.

As for the elements that will be taken into consideration for increasing the minimum wage, “the deputy minister explained that the rule will contain the technical criteria already approved by the CNT (National Work Council) that are to review the minimum wage based on the trajectory of the projected core inflation, which is determined by the Central Reserve Bank (BCR), and the evolution of productivity, which is calculated on a series of official statistics”, informed Gestión.

The objective is to obtain increases based on economic and technical objectives every two years and on certain procedures. “For example, that on a determined date the information is submitted to the CNT for it to be reviewed by the Productivity Commission, with a deadline to approve the increase so that later the MTPE elevates it for the Executive for final approval”, said Cuadros.

(Source)
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Ermelinda is a journalist from Caracas, Venezuela. She has a Master’s degree in Digital Journalism and has recently finished a technical degree in Veterinary Assistance because of her love for animals. She likes to do sports, but especially ballet, which she has practiced for more than 17 years. Her passion is to read, write, and blog about different topics, as well as travel whenever she can.