The minimum wage in Russia may be doubled by 2030

According to the calculations of the Central Economics and Mathematics Institute (CEMI RAS), the minimum wage (minimum wage) in Russia may double by 2030. According to preliminary data, this will require about 2.4 trillion rubles. This amount can be accumulated through progressive taxation and the National Welfare Fund. The RAS is convinced that this measure will not only reduce the level of poverty, but also stimulate economic growth by another 0.8 percentage points of GDP.

“Strong social stratification in our country is one of the most serious threats to national security and one of the reasons for the decline in the birth rate,” said Izvestiya Director of CEMI RAS Albert Bakhtizin. He is convinced that, in this regard, urgent measures are required to reduce the income gap between the rich and poor parts of the country’s population.

Since 2018, the minimum wage cannot be lower than the subsistence level. From June 1, 2022, the minimum wage was increased to 15,279 rubles, from January 1, 2023 – to 16,242 rubles. In February, President Vladimir Putin during his address to the Federal Assembly offered raise the minimum wage to 19,242 rubles. Last week the Ministry of Labor introduced relevant bill.

Laura Keffer