The President announced an increase in the minimum wage by 18.5% from next year
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The minimum wage (minimum wage) will be increased by 18.5% from January 1, 2024. This was announced by President Vladimir Putin during his speech at the plenary session SPIEF.
“From January 1, 2024, we will carry out another indexation – immediately by 18.5%. <...> That will be much higher than the rate of inflation, and the rate of wage growth in general. The total increase in the minimum wage will have a positive impact on the incomes of almost 5 million people,” he said.
Putin recalled that since the beginning of 2023, the minimum wage has been indexed by 6.3% to 16,242 rubles. per month. According to him, by 2030 this value may double in nominal terms, which will become an additional incentive for wage growth in all regions of Russia.
Former Deputy Prime Minister of the Russian Federation Tatyana Golikova reportedthat 6 million Russians receive wages below the minimum wage. At the end of May, Minister of Labor and Social Protection Anton Kotyakov announced that by 2030 the minimum wage would be 30% higher than the subsistence level, which is now 14,375 rubles.
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