Venezuela's pension rise not enough, say retirees

Nonprofit organizations and churches in Venezuela are providing basic foods for the pensioners those who cannot afford to feed themselves.

In Venezuela, the pension is the amount paid monthly to workers who retire after reaching 750 weeks of Social Security contributions and turning 55, in the case of women, and 60 for men.

Workers contribute between 2% and 4% of their salary to Social Security while employers pay an additional 9% to 11% on behalf of workers.

President Nicolás Maduro increased the monthly minimum wage from roughly $2 to about $30. But high prices set in dollars make it impossible for much of the population to afford goods.

Venezuela has just over five million pensioners, according to official figures. Annual inflation, which slowed last year but still reached 686.4%, has eaten up their pensions for years.