Page 27 - Russia OUTLOOK 2022

Wages got a boost from nominal increases and social support payments by the Kremlin in September to counteract the effects of soaring inflation. The fact that there was a general election in September also helped persuade the Kremlin to drop some more money on groups like pensioners.
Average nominal wages in 2021 rose to a peak of RUB58,782 ($810) in June, but fell back again in the second half of the year bottoming out at RUB52,355 ($711) in August before starting to rise again in September as the government’s social spending started to hit accounts.
Real wages were growing all year in 2021 by between 1.5% and 2% but surged in April and June, up 7.8% y/y and 4.9% respectively. But with inflation high and the ruble weakening in dollar terms wages have remained fairly stagnant at an average of $737 during the year, which is still up from $707 average in 2019, the last year of strong growth.
The median salary in Russia climbed by 9.2% in annual terms in the third quarter of 2021, according to RBC citing a joint survey by Sberindex and Rabota.ru service.
The median wage is the amount for which half of all workers are paid more or less than the median income. The minimum wage establishes the lowest pay
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