Page 41 - RusRPTOct21

and gas tax revenues to the state budget, some of which will be transferred to the fund.”
4.5 Labour and income
4.5.1 Labour market, unemployment dynamics
The level of Russia’s registered unemployment should not exceed 1% by 2030, as seen by PRIME in a government ruling released on the state portal for legal information on Tuesday. “Considering the priority of the state policy in the sphere of development of the people’s employment, the goal of the state program is... the level of unemployment ofelow 1%y 2030,” the document read.
Minister of Social Labor and Protection Anton Kotyakov announced that the labor market returned to pre-pandemic levels at the beginning of August. The real unemployment rate is 4.5% compared to last year when it hovered between 4.6 - 4.7%, according to Kotyakov.
However, new analysis by the Central Bank of Russia (CBR) finds that the post lockdown world has led to a new natural rate of unemployment, with the demand for workers greater than supply.
Vacancies are up 69% year-on-year for the period from January to August 2021. About 1mn workers are registered at employment centers, with a real unemployment rate of 4.5%. This has led to an increase in wages, with salaries especially increasing in IT,banking, construction, medicine, manufacturing, and in the civil service.
The average salary offered to a specialist in Russia is now RUB49,300 ($678) per month, with the salary in Moscow 40% greater than average.
The CBR suggested that if wage increases persisted, then the imbalance in the labor market may lead to further tightening of monetary policy. While a shortage of migrant workers has long been thought to have been the main cause of labor shortages, investor habits have also changed during the pandemic as the online, delivery, and logistics sectors flourish. 3mn Russian workers continue to work remotely,olsteredy new opportunities online.
The CBR said in a note in September that the structure of Russian employment has been changed by the pandemic and expects wages to rise in the autumn.
“The pandemic and its aftermath have significantly altered the structure of the demand for labour. These shifts, coupled with the slow adjustment of supply in
41 RUSSIA Country Report October 2021 www.intellinews.com