OREANDA-NEWS By 2030, the minimum wage may double compared to the current year, the Izvestia newspaper writes with reference to the draft law of the Ministry of Labor and the Central Research Institute of the Russian Academy of Sciences.

"The Ministry of Labor of Russia, on behalf of the President, submitted for public discussion a bill to increase the minimum wage to 19,242 rubles from January 1, 2024. This outstrips inflation and increases the rate of increase in the subsistence minimum. At the same time, the authorities plan that by 2030 the minimum wage in nominal terms should double compared to 2023," the article says.

The Central Economic and Mathematical Institute of the Russian Academy of Sciences calculated that doubling the minimum wage by 2030 will require about 2.4 trillion rubles. This measure, experts of the institute assured, can reduce the level of poverty and stimulate the economic growth of the country.

Russian President Vladimir Putin, speaking at the St. Petersburg International Economic Forum, announced an increase in the minimum wage by 18.5 percent. The Head of State recalled that from January 1, the minimum wage was indexed by 6.3 percent, and from January 1, 2024, another indexation will take place. According to him, it should be much higher than the rate of inflation and the rate of wage growth in Russia as a whole.