CARACAS, Venezuela (AP) — Venezuela has dramatically hiked the minimum wage in a move that critics expect will do little to alleviate widespread suffering in the crisis-torn country.

Socialist party lawmaker Francisco Torrealba announced Monday that the monthly package of pay and bonuses will equal roughly $15 monthly — an increase of more than 350%.

It's the third pay raise this year in Venezuela, a once-wealthy oil-producing nation plunged into an economic crisis with hyperinflation that devours the regular increases.

Critics say the bump lacks accompanying measures by President Nicolás Maduro's socialist government to fix the broken economy and end hyperinflation.

Opposition leader Juan Guaidó says the pay announcement mocks workers.

Guaidó seeks to oust Maduro with backing from the United States and more than 50 nations.

Maduro hasn't addressed the increase.