Most likely, in May, Rosstat will tell that our wages have also increased
Vladimir Putin discussed with members of the government the current state of the Russian economy and mechanisms to support it, including through citizens' funds. The negative effect of sanctions, according to the president, may still manifest itself in the medium term, so you need to act «quickly, without unnecessary bureaucracy and delays.» Putin considers the technological, personnel and financial sovereignty of the Russian Federation to be the basis of the new economic model.
2022, despite the SVO and sanctions, as it turned out at the meeting, turned out to be extremely successful for the Russians. Their well-being has improved, life expectancy has increased (up to 72.8 years), and mortality has decreased (by 23%). Particularly noticeable, according to Deputy Prime Minister Tatyana Golikova, has changed the position of the poorest citizens. Their average per capita income increased by as much as 41%. Thanks to targeted state support, “3.6 million people have come out of poverty,” and 76 regions that have approved special programs are confidently moving towards achieving “poverty targets,” the Deputy Prime Minister reported.
Vladimir Putin, in turn, drew attention to the material support of all Russians. There are no such great achievements here yet, but one must be able to rejoice in the small. “Real wages have been growing since October 2022: 0.3%, 0.4%, 0.6%. Real disposable income of citizens in the fourth quarter increased by 0.9%. Of course, this is very little, but still a move in the right direction,” the President noted with satisfaction. Tatyana Golikova did not hide the fact that if we count by the year, then the real salary in the country still decreased — by about 1%. However, things can still change. “Traditionally, in May, Rosstat will update the data on wages, and we expect that, in general, in 2022, though small, but growth will be shown,” she encouraged. In any case, everything is fine in 22 regions even without the additional efforts of Rosstat. And in the Khanty-Mansiysk Autonomous Okrug and suddenly in Buryatia, real wages grew most tangibly. (However, the Deputy Prime Minister, unfortunately, did not specify what specific amounts are in question.)
The dynamics of citizens' incomes, according to Vladimir Putin, is a key indicator of the quality of the Russian economy. However, in the current situation, the authorities are also counting on the money of the population as a reliable source of investment. If the state itself does not have funds for many development projects for obvious reasons (and it is impossible to borrow on the foreign market), then citizens have them. It is only necessary to stimulate their investment in the economy. “The new programs will not only allow you to keep money under your pillow or in the bank, but will make it possible to invest it securely and get a good income,” said Finance Minister Anton Siluanov. He acknowledged that in 2022, the interest of Russians in financial investments dropped sharply, although a year before the SVO, the number of private investors reached 20 million (and, by the way, then the officials did not really like it, because they doubted the financial literacy of the population). As MK already wrote, it is planned to return individuals to the market (and thus get «long money») using mechanisms that provide certain «goodies» from the state.
Participants in the long-term savings program are promised co-financing (up to 36,000 rubles a year for the first three years), a tax deduction (up to 52,000 rubles) and guarantees for the safety of investments (up to 2.8 million rubles). As Siluanov explained to the president, this mechanism is designed for «cautious investors.» For those who like to take risks, officials will offer to open investment accounts of a new type. For their holders, there is also a tax deduction and a tax benefit when closing an account. However, citizens will be able to choose securities for investment on their own and, therefore, under favorable conditions, receive a higher income than under the long-term savings program. Finally, the third tool is shared life insurance. “On the one hand, you buy insurance, but also receive investment income that will not be lower than deposits,” the minister explained the essence of the innovation, specifying that analogues of such a product existed back in Soviet times. Investments in the amount of up to 1.4 million rubles. again, they will be insured by the state.
The weak point of all three programs is the timing. Money from investment accounts cannot be withdrawn for 5 years, from the savings program — 15 years. And insurance contracts are usually concluded for at least 10 years. Under the current conditions, such a planning horizon seems absolutely fantastic. The vast majority of Russians (including the ministers themselves) can hardly say with certainty what awaits us at the end of this year. However, Siluanov is full of optimism. “Every third ruble of citizens' savings will be invested,” he promised.
First Deputy Prime Minister Andrei Belousov said that in addition to private investors, it is time to think about the return of foreigners. “No market can develop completely in isolation,” he stressed. Of course, we are talking primarily about representatives of friendly countries: they are invited to simplify the opening of accounts. For those who risked investing in the Russian economy after the imposition of sanctions, Belousov offered to pay dividends and allow the withdrawal of funds. “Of course, in volumes not exceeding the investments made, and under strict control,” he assured. However, no investors will return if the reporting of Russian companies remains closed. According to the Deputy Prime Minister, it is necessary to formulate a clear list of information, the disclosure of which will not harm the business, and to resume the publication of financial statements. “An investor will never invest if he does not understand the situation of the enterprise. If we want to unblock the process, we must go in this direction,” Belousov emphasized.