Venezuelan President Nicolas Maduro announced a 50% increase in the minimum wage and pensions amid runaway inflation, BBC reported.

The measure puts the minimum monthly salary at 40,683 bolivars - about $60 at the weakest exchange level under the state's currency controls, or $12 at the black market rate.

"To get the year started, I have decided to raise the minimum wage," Maduro said on his weekly TV program, also saying that the wage increase would come with an additional food subsidy of about $93.