(Bloomberg) --
Venezuela increased the minimum wage to up to 10 million bolivars, Labor minister Eduardo Pinate said according to the ministry's Twitter account.
The amount is equivalent to $3.54, according to the central bank reference exchange rate. The new minimum wage includes basic compensation of 7 million bolivars and 3 million bolivars of food vouchers.
The country has been suffering from hyperinflation since 2017, decimating the ability of most Venezuelans to purchase even the most essential goods -- much less save.
The move was made on the May 1 Labor Day holiday.
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