The increase in the minimum wage from January 1, 2024 will affect 4.8 million Russians

An increase in the minimum wage (SMW) by 18.5% from January 1, 2024 will increase the salaries of 4.8 million Russians, Prime Minister Mikhail Mishustin said at a strategic session on improving the welfare of citizens.

“We are consistently increasing the minimum wage at a rate higher than inflation. Since the beginning of this year, it has grown and amounts to 16,242 rubles. Moreover, from January 1 next year, on behalf of the head of state, we will index it again, but by 18.5%, which will increase the wages of 4.8 million of our citizens,” quotes Prime Minister press service of the Cabinet.

On plans to index the minimum wage in Russia from next year by 18.5% Mishustin informed in late March.

March 6 to the State Duma made bill to raise the minimum wage by 3,000 rubles. from January 1, 2024. In the financial and economic justification of the project, it is indicated that the increase in the minimum wage for public sector employees will cost an additional 18.5 billion rubles. in 2024 In January, Russian President Vladimir Putin instructed the government in 2023 to ensure an increase in the minimum wage “outpacing the growth of inflation and the growth of the average monthly wage in the country.”

In December 2022, Putin signed a law establishing the minimum wage at the level of 16,242 rubles. for 2023, this is 6.3% higher than last year. Within the framework of the law, it was assumed that the minimum wage would increase in an accelerated manner and its increase would depend on the growth rate of the subsistence minimum for the able-bodied population in the Russian Federation.