Wednesday, April 27, 2005
Real Joy for Workers´ Day in Cuba
After the first announcement in March by president Fidel Castro of raising pensions for retired or disabled people, to a minimum of 150 pesos per month, in April came the news of a raise in minimum wages, from 100 to 225 pesos per month.
This will represent additional expenses for the national budget of over two billion pesos this year, but economic recovery has been sturdy enough to finance it. Budget deficit should still be under or about three per cent of the Gross Domestic Product, considered a manageable figure.
Hikes in nickel mining, oil and gas production, power generation and a boost in access to foreign credit, given by the agreements signed with China and Venezuela, support the decision to increase salaries and pensions, as well as the distribution at subsidized prices of household appliances.
That is why the May 1st parade next Sunday is expected to be one of the most colorful and enthusiastic ever.