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RE: Over 350 Venezuelans earned more than the Minimum Wage blogging on Hive in October

in Hive Statistics2 years ago

I wanted to have a lower minimum and a higher average to compare with. The source that shows $24 also shows $14 being the average in smaller companies, and I have also heard about $10 per month salaries being common in some cases, so I just went with what Bloomberg has for the public sector minimum wage.

But as some commenters have pointed out, in such a volatile country the minimum and even a "good" salary may not actually cover your cost of living in the end. So I mentioned in a comment the numbers who would be covering their cost of living if we make higher assumptions.

If we assume $100 per month is the true cost of living, approx 100 Venezuelans earned at least that on the 'spanish' tag in October. If we assume $200, it was at least 25.

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Great! Thank you for the detailed answer! Yes, it's true that volatility and rampant inflation makes difficult to calculate the true cost of living, but for the sake of the research I think is fine; the line should be drawn somewhere because nothing could be presented at the end. It could be interesting to make a poll and maybe case studies to go more in depth. Again, great work! !PIZZA !PGM !CTP

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