Putin instructed to raise the minimum wage ahead of inflation
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Russian President Vladimir Putin instructed the government in 2023 to raise the level of the minimum wage (minimum wage) in the country ahead of inflation and the average monthly salary, reported on the Kremlin website.
“Ensure an increase in the minimum wage in 2023 ahead of the growth rate of inflation and the growth of the average monthly wage in the country in 2023 and submit proposals for a further increase in the minimum wage,” the list of instructions of the head of state says.
The government must complete the order by July 1.
In December 2022 Putin signed the law establishing the minimum wage at the level of 16,242 rubles. for 2023. It was specified that the established amount is 6.3% higher than last year. In 2022, the minimum wage was set at 15,279 rubles. It is assumed that in the future the minimum wage will increase in an accelerated manner: its increase will depend on the growth rate of the subsistence minimum for the able-bodied population in the whole of the Russian Federation and will exceed them by three percentage points.
At the end of 2022, inflation in Russia amounted to 11.94% after 8.39% in 2021. In 2023, the Ministry of Economy expects inflation at 5.5%. According to the forecast of the Central Bank, it will be 5-7%. In annual terms, inflation from 17 to 23 January slowed down to 11.49% from 11.57 and 11.65% in the previous two weeks.
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