Yusbell Arcaya used to earn more than seven times the
minimum wage as a human resources analyst at a university in western Venezuela,
but socialist President Nicolas Maduro’s economic reforms changed all that. Last
month, Maduro unexpectedly ordered a 60-fold increase in the minimum wage to
compensate for runaway inflation alongside a 96 percent devaluation of the
bolivar currency. That left employers across Venezuela struggling to afford the
new minimum wage, let alone the higher salaries once paid to more senior
employees. More…
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