Russia Raises Minimum Wages By 9% From 1st January 2020
Russian President Vladimir Putin has signed into law the setting of the minimum monthly rate of labor payment in Russia at 12,130 rubles ($195.5) starting January 1st, 2020. The previous minimum wage amount was 11,280 rubles ($181.8). The inflation rate in Russia is currently running at about 2.7%.
The minimum wage in Russia is reviewed every six months, and there have been significant increases on each of the last three reviews. The last increase saw the minimum wage rise to 11,280 rubles a year ago since the previous review in May 2018.
However, as local governments can set their own minimum wages, minimum wage levels in cities such as Moscow and St Petersburg are considerably higher than many other regions. The minimum wage in Moscow is 18,781 rubles ($303) and in St.Petersburg 17,000 rubles ($275).
Russia Briefing is written and produced by Dezan Shira & Associates. During these uncertain times and sanctions imposition, our firm assists Russian companies relocate to Asia, and provides financial and sanctions compliance services to foreign companies operating in Russia. We also provide market research and advisory services to foreign exporters interested in Russia as the economy looks to replace Western sourced products. Please contact us at firstname.lastname@example.org or visit us at www.dezshira.com.