According to the presidential decree, the minimum wage and minimum salary should be increased by several indicators higher than the current inflation rate. However, there are difficulties in this matter because inflation and its level are increasing day by day.
Over the current period, the inflation rate has been increasing.
Speaking before the Council of Legislators, President Vladimir Putin said that there are plans to raise the minimum wage and the living wage by 9 %.
However, the exact amount of indexation is not yet clear, as different sources provide different information. On average, the minimum wage and the minimum subsistence wage are planned to increase in the range of 8-10 %, the exact figure will be known later.
It should be noted that this indexation is unplanned due to the sharp rise in inflation in the country. Thus, in April, the inflation rate reached 11.32 %. In year-on-year terms, experts predict inflation at 17 %, but it could be higher based on circumstances that occur before the end of the year.
The minimum wage in Russia is 13 890 rubles and the minimum wage is 12 654 rubles. If these figures are indexed by an average of 9 %, the minimum wage will be 15 140 rubles and the minimum wage 13 793 rubles.
Experts point out that this valorisation in May 2022 is unlikely as the proposal has yet to be finalised and recalculated. Svetlana Bessarab, a member of the State Duma Committee on Labour, Social Policy and Veterans' Affairs, says the recalculation plan is already ready, but needs to be adjusted.
At the time the coefficients were calculated, inflation was 8.6 %, while it is currently 11.32 %. Vladimir Putin, on the other hand, has set himself the task of raising the minimum wage and the minimum wage above the current inflation rate.
However, the law can also be signed retroactively, as it was practiced before, and Russians will receive all payments for the past period in December 2022.
Some experts believe that, following MROT and PM, contributory pensions will also be increased, as the move to increase current ratios will increase pension system revenues. Some experts also predict new lump-sum payments in the second half of the year, which will support Russians in a difficult period.
Izvestia/RoZ
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