Russia increases minimum wages and pensions by 10%
A person holds cash withdrawing from an ATM at a Sberbank branch. (Image: Getty Images)
On May 25, President Russia Vladimir Putin said that from June 1 this year, the cost of living in Russia will increase by about 10%, bringing the average to 13,919 Rubles, equivalent to more than 200 USD.
Faced with that situation, to ensure the interests of the people, from June 1, the pension index will increase by 10% and from July 1, the minimum wage will also increase by 10%, to 15,279 Ruble.
The Russian President affirmed that the state should consistently pursue a policy of increasing wages higher than the increase in the cost of living, ensuring that the minimum wage of the people is significantly higher than the minimum standard of living.
Previously, in 2022, according to President Putin’s decision, the minimum wage in Russia increased by 8.6%, equivalent to about 1,100 rubles, to 13,890 rubles/month (about more than 200 USD).
On a per capita basis in 2022, the minimum cost of living in Russia is 12,654 rubles, 13,783 rubles for those who are still able to work, 10,882 rubles for retirees, 10,882 rubles for children 12,274 Rubles.
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