In the plenary session of the 26th St Petersburg International Economic Forum Russian President Vladimir Putin told that the country is indexing minimum wage above the inflation rate, making sure that the gap separating it from the subsistence rate keeps growing.
Minimum wage increase in Russia
The Russian President continued: „Starting January 1, 2023, the minimum wage increased 6.3 percent to 16,242 rubles per month. We will increase it again effective January 1, 2024, with an 18.5 percent adjustment in a single go. This means that after a 6.3 percent increase effective January 1, 2023, the minimum wage will increase 18.5 percent from January 1, 2024, which is way above the inflation rate and the rate at which salaries are growing across the country.“
President Putin also mentioned: „Almost five million people will benefit from this substantial increase, or 4.8 million to be more precise. By 2030, the minimum wage must double in nominal terms, which will create an additional impetus for wage increases around the country.“