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HomeTrendingThe State Duma Adopted A Law On Increasing The Minimum Wage

The State Duma Adopted A Law On Increasing The Minimum Wage

Date: December 8, 2023 Time: 01:51:32

The State Duma Adopted A Law On The Minimum Wage In The Amount Of 16,242 Rubles In 2023

A law set the minimum wage for next year, giving the Russian people a raise of about 25 percent.

Russian wages will increase in 2022 with a 6.3 percent increase over the previous year. The minimum wage for 2021 will be 14,520 rubles per month.

The law is currently being examined by a committee whose recommendations will affect the approval process. It’s scheduled to come into effect on January 1st, although it still needs to be approved by the Federation Council and then signed by the President.

As of 2021, the minimum wage is set to be 4% above the subsistence level, and its ratio with median wages will be 45.9%.

As per the methodology set forth by Russia across 2020, the minimum wage is based on median salary (half of Russians receive more than this amount, and half receive less). Previously, those living in Russia received a 42 percent share.

In 2019, the minimum wage was raised twice. The first raise was from January 1 to 13,890 rubles, and the second increase is from June 1 to 15,279 rubles.

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Kevin Kennedy
Kevin Kennedy
Kevin Kennedy is an associate editor for ePrimefeed covering latest news, economy and movie.

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