MOSCOW, July 10By 2030, the minimum wage may double compared to the current year, the Izvestia newspaper writes, citing the draft law of the Ministry of Labor and CEMI RAS.
“The Ministry of Labor of Russia, on behalf of the president, submitted for public discussion a bill to increase the minimum wage to 19,242 rubles from January 1, 2024. This is ahead of inflation and increases the rate of increase in the living wage. At the same time, the authorities plan that by 2030 the minimum wage in nominal terms should double compared to 2023,” the article says.
The Central Economics and Mathematics Institute of the Russian Academy of Sciences calculated that doubling the minimum wage by 2030 will require about 2.4 trillion rubles. This measure, experts of the institute assured, could reduce poverty and stimulate the country's economic growth.
Russian President Vladimir Putin, speaking at the St. Petersburg International Economic Forum, announced an increase in the minimum wage by 18.5 percent. The head of state recalled that from January 1, the minimum wage was indexed by 6.3 percent, and from January 1, 2024, another indexation will take place. According to him, it should be much higher than the rate of inflation and wage growth in Russia as a whole.