The announcement comes a day before International Workers' Day.
Venezuelan President Nicolas Maduro announced an increase to the minimum wage Sunday in order to protect workers from the effects of the economic war.
President Maduro said during a televised address to the nation that the wage hike in the country by 60 percent and a rise in food stamps by 15 percent.
"May Day is not a day of capitalism or the right wing," said Maduro. "May 1 belongs to the working class."
He said the efforts of the Bolivarian government will bear gains and that a special bonus will be granted to the more than 3 million pensioners of the country that will carry on with his plan of bringing "social justice" to Venezuela.
Maduro said this was the 37th raise since the Bolivarian Revolution was launched by former President Hugo Chavez, the 15th time since he became president, and the third this year.
The news came after the president announced he will deliver on Sunday house number 1.6 million as part of the Great Venezuela Housing Mission, another legacy of the late Hugo Chavez.