Venezuelan President Nicolas Maduro on Sunday announced a 50-percent increase in the minimum wage to help public-sector workers cope with runaway inflation.

"I have decided to increase the minimum wage...of civil servants, as of January," Maduro said during his weekly radio program.

The decision raises the basic monthly income from 27,091 bolivares (41.04 U.S. dollars) to 40,638 bolivares (61.57 dollars).

The fifth increase since January 2015 aims to tackle high prices driven by inflation, whose rate hit 180 percent in 2015.

Workers' salaries are further boosted with food subsidies and other benefits.

The increase "is fair and necessary...to continue to protect jobs, stability, the right to work, to an income and to pensions," said Maduro.

Venezuela's economic crisis was sparked by plummeting oil prices and exacerbated by a political power struggle between the ruling socialist party and conservative opposition forces, who control the congress.

The stalemate has led to shortages in basic good, hoarding and price gouging, among other economic ills.

Also on Sunday, Maduro said he was committed to dialogue with the opposition to promote stability and peace in the South American country.

"As the president of the republic, I am promoting dialogue, I am facilitating dialogue, I am married to (the idea of) national dialogue," said Maduro.

Talks between the two sides have the support of international observers, including former Spanish President Jose Luis Rodriguez Zapatero, who is expected to travel to Caracas soon for a new round of talks slated for Jan. 13.

The opposition has threatened to boycott the talks, which started in October, claiming the government is not doing enough to meet its demands.

Recently, Maduro's government released a high-profile opposition leader from jail in a goodwill gesture.

source: Xinhua