Russia plans to raise minimum wage by 18.5% next year

A visitor makes an order in the Russian version of a former KFC restaurant, now Rostic's during the opening ceremony in Moscow on April 25, 2023. (PHOTO / AFP)

ST. PETERSBURG – Russia intends to raise the minimum wage by 18.5 percent next year, according to a bill submitted for public discussion on Monday at the portal of draft regulations of Russia.

The minimum wage in Russia is set at 16,242 rubles (about $182) per month. Russia's Ministry of Labour and Social Protection has drawn up a bill to increase it to 19,242 rubles ($215) starting Jan 1, 2024, which will affect the wages of 4.8 million Russians.

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The ministry also proposes to change the methodology for minimum wage calculation from 2025. For the moment, the minimum wage is calculated as 42 percent of the median salary in Russia. The ratio is proposed to be set at no less than 48 percent.

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As Russian President Vladimir Putin said last month, the minimum wage in Russia should at least double in nominal terms by 2030.