Russian Minimum Wage to Increase in New Year
- New Europe Investor
- December 17, 2015
The minimum wage in Russia is due to increase on the 1st January to 6,204 rubles (€81) per month.
According to the Russian governmental legal website, President Vladimir Putin has signed a decree to that affect. The rise in the minimum wage is 239 rubles (€3.12) per month, representing a 4% increase.
However, real wages in the country are falling and those on the minimum wage will be particularly affected. Inflation in the country has been running in the mid teens for some time and currently stands at around 15%. In addition, with global oil prices still falling and the economy in recession, the value of the ruble has remained low. Therefore, inflation is likely to remain high throughout 2016.
The minimum wage in Russia is still only a fraction of the country’s average salary. The average salary in the country is 32,911 rubles (€428) according to the state statistics service, Rosstat.