Page 80 - RusRPTJul22

4.5 Labour and income
4.5.1 Labour market, unemployment dynamics
The unemployment Rate in Russia decreased to 3.90 percent in May from 4 percent in April of 2022, an all time post Soviet low. However, analyst say that the rate is artificially low as state and foreign owned companies have kept employees on the payroll, despite closing up shop due to the war.
During the coronacrisis unemployment rose to over 8% and as the support measures imposed by the government are relaxed unemployment is expected to climb.
Russia is set to boost wages and welfare payments for millions in a bid to ease the economic fallout of the country’s invasion of Ukraine. A bill signed by Russian Prime Minister Mikhail Mishustin Monday will raise pensions, as well as Russia’s minimum wage and living wage, by around 10%, according to business daily Vedomosti. Under the new measures, non-working pensioners will receive an extra 19,000 rubles ($300) each month, while allowances given to families with children under three will also rise. There will also be more financial support for low-income families with children up to the age of 17. The proposal was set out by President Vladimir Putin last week during a televised meeting of Russia’s State Council, where he stressed that the Kremlin’s main task would be to ensure that the minimum wage remained above “subsistence minimum.”
Share of Russian population in poverty increased to 14.3% in 1Q2022. Poverty threshold RUB12916/mth ($146/mt).
80 RUSSIA Country Report October 2020 www.intellinews.com