Russia plans to raise minimum wage by 18.5% in 2024

Moscow, July 4 (IANS) Russia intends to raise minimum wage by 18.5 per cent next year, according to a bill submitted for public discussion.

The minimum wage in Russia is set at 16,242 rubles ($182) per month, reports Xinhua news agency.

The Ministry of Labour and Social Protection has drawn up a bill to increase it to 19,242 rubles starting January 1, 2024, which will affect the wages of 4.8 million Russians.

The Ministry also proposes to change the methodology for minimum wage calculation from 2025.

For the moment, the minimum wage is calculated as 42 per cent of the median salary in Russia.

The ratio is proposed to be set at no less than 48 per cent.

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