Venezuelan President Hugo Chávez said Tuesday that upcoming plans to be developed as part of the Bolivarian Revolution include the creation of a “Petrobonus” for workers, a special fund for social security, and another subsidiary of the state-run oil company PDVSA with a more social approach.

“The Petrobonus that we will launch will pay the accumulated labor debt over the years,” while the special fund “will start with 3 percent of the oil royalties to continue guaranteeing a socialist social security. The last government of the Fourth Republic [1993-1998], took away all the workers’ social benefits and we and will give them back,” the Venezuelan president said.

The new subsidiary of PDVSA will oversee oil wells, fields, and pipelines, he said.

These three projects will be developed under the framework of socialism to benefit all Venezuelans, according to Chávez.

He added that they are part of strategies that have been developed over the course of several years by the Bolivarian government of Venezuela, “and now it’s time to launch them and give financial and economic stability to the program universal socialist social security for everyone.”

AVN / Press Office – Venezuelan Embassy to the U.S. / December 7, 2011