That's the answer liberals always have, raise the minimum wage... Welcome to a leftys Utopia, coming soon to California.. Bloomberg - Are you a robot? Venezuela’s President Nicolas Maduro ordered a 275 percent increase in the monthly minimum wage on Monday, the third hike this year, as hyperinflation drains the value of workers’ salaries. The minimum wage rose to 150,000 bolivars ($8) from 40,000, lawmaker Francisco Torrealba, a former labor minister and close ally to the socialist president wrote on Twitter on Monday. In addition, workers will receive a food bonus of 150,000 bolivars, he added. It’s the second time in a row the announcement has come via a lawmaker, rather than the president. Despite the increase, the new 150,000 bolivars wage barely amounts to enough to buy four kilos of meat. Annual inflation in Venezuela is currently running at around 50,100%, according to figures produced by the opposition-led National Assembly. The government does not provide data on price rises. According to Bloomberg’s Cafe Con Leche Index inflation is running at 19,900% annually. Inflation pulverised the vale of the previous minimum wage: 40,000 bolivars amounts to around 2 dollars at the official FX rate.