Venezuela’s embattled President Nicolas Maduro has announced a 50 percent increase in the minimum wage in a bid to combat runaway inflation. <br /><br /> It is the fifth increase in the last year. <br /><br /> Speaking on his monthly TV and radio programme on Sunday, Maduro insisted the hike would protect jobs. <br /><br /> Critics accuse him of mismanaging the economy. <br /><br /> “ I have decided to increase the minimum salary. As always this will include public workers, teachers, police officers, doctors and the army. This will be a 50 percent rise in salary and pensions starting from January,’‘ the Venezuelan president said. <br /><br /> Maduro’s move raises the monthly minimum wage to just over 40,000 bolivars. <br /><br /> That’s around 57 euros at the highest official exchange rate, but in reality works out about 10 euros on the black market. <br /><br /> The country’s economy has been crippled by the world’s worst inflation, which has led to chronic shortages of food, basic goods and medicine.<br /><br /> The IMF says inflation in Venezuela will hit 1600 percent this year.<br />
