Venezuela's president is ordering a 30 percent increase in the minimum wage, the latest move by the socialist government to grapple with high inflation and economic stagnation, Belleville News Democrat (BND) reported.

The boost announced Saturday night by President Nicolas Maduro comes after a 25 percent increase on March 1.

The new increase is effective Sunday, which is International Labor Day, and will push the minimum wage to 15,051 bolivars a month.