Page 55 - RusRPTFeb24

4.5 Labour and income
4.5.1 Labour market, unemployment dynamics
Russia's unemployment rate stayed at historic low of 2.9% for the second consecutive period in November 2023, matching the market forecasts, affected by the ongoing labor shortages due to the war in Ukraine. The number of unemployed individuals was largely unchanged at 2.233 million compared to all-time low of 2.224 million a month earlier. Simultaneously, the officially registered unemployed remained at 0.4 million. In October 2022, the jobless rate was higher at 3.7%. source: Federal State Statistics Service
The ongoing crisis in the Russian labour market is forcing companies to accelerate the salary race and breach non-poaching agreements, as reported by "Kommersant."
Experts surveyed by the publication are confident that in 2024, the competition among enterprises for workers will reach a new level. According to their information, employers are increasingly abandoning industry agreements (including at the shareholder level), which, just last year, allowed businesses to restrain salary growth.
A concrete example is provided— Irkutsk Oil Company and SIBUR Holding. Yuri Gorkovenko, Deputy General Director of RTITS (the "Platon" system),
55 RUSSIA Country Report February 2024 www.intellinews.com