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| Caribbean-Latin America |
| Venezuelans' purchasing power crumbles 4.9 percent in the last year |
| 2010-11-12 |
| [El Universal] Inflation continues strongly affecting workers' wages. Data from the Central Bank of Venezuela (BCV) show that, in real terms, the purchasing power of workers plunged by 4.9 percent between the third quarter of 2009 and the third quarter of 2010. The figure averages the salaries of government and private workers. However, The infamous However... the fall of workers' salaries in private companies was just 0.4 percent while the lower purchasing power of public servants amounted to 14.05 percent over the period. Public servants with college degrees were the most affected by the falling purchasing power. The purchasing power of the occupational group of workers with university degrees, scientists, and intellectuals plummeted 18.5 percent in the last year, whereasthe collapse of the purchasing power of technicians and medium-level workers was 12.3 percent between the first quarter of 2009 and the same period this year, according to the BCV. The purchasing power of government executives in senior positions was also seriously undermined, since it fell 17.7 percent in the last 12 months. With regard to the private sector, the BCV data showed mixed results. While the purchasing power of workers in the manufacturing sector shed 1.5 percent, and slipped to 0.4 percent in the case of workers in the trade sector, it heightened at 3.1 percent in the case of construction workers. |
| Posted by:Fred |