Major growth in Russian real wages predicted

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Net incomes are expected to rise by the most in five years, according to the Ministry of Economic Development

Real earnings in Russia during 2023 will grow more than previously expected, the Ministry of Economic Development stated on Friday, predicting an increase of 5.4%.

The figure is a substantial upgrade from the ministry’s earlier projection of 2.6%, and would represent a five-year maximum.

“We expect an increase in the income of the population, first of all, wages. This year, in real terms, they will grow by more than 5%,” the head of the ministry, Maksim Reshetnikov, was quoted by Interfax as saying.

He noted that growth “will be facilitated by low unemployment and competition for personnel,” as well as the government’s targeted assistance to the population, including to families with children, the indexation of the minimum wage, living wage, pensions and social benefits.

The latest data from the Federal State Statistics Service (Rosstat) shows that unemployment in Russia is at its lowest since the 1990s. According to Rosstat, the total number of jobless residents in February was 2.635 million.

Russian President Vladimir Putin has also confirmed that unemployment in the country is at a record low, calling on the government to expand the national project for labor productivity.

The Russian leader stressed that work needs to continue, on creating opportunities for the professional development and training of young people, so they can acquire modern and in-demand skills, and ultimately be able to better provide for their families.

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