Maduro’s huge salary hike deals fatal blow to 40 percent of Venezuelan stores

(Worthy News) – Nearly 40 percent of all Venezuelan stores have closed their doors — some of them perhaps permanently — after the government of President Nicolás Maduro increased the minimum salary by nearly 3,500 percent in one fell swoop, according to the National Council of Commerce and Services of National Council of Commerce and Services of Venezuela.

Many of the companies, which had been barely surviving the gradual collapse of the economy, saw the salary increase and other changes announced last month as the fatal blow in a string of policies that have been gradually strangling their operations.

“It is a perfect storm,” said María Carolina Uzcátegui, president of the council. “These decisions are leading many business people to say, ‘No, I can’t do it any more.’”

The problem is that Venezuelan companies are being forced to sell at prices far below cost just as employee salaries are increasing by 60 times, Uzcátegui said. [ Source: Miami Herald (Read More…) ]

The post Maduro’s huge salary hike deals fatal blow to 40 percent of Venezuelan stores appeared first on Worthy Christian News.