Govt to need 39 bln rbl to raise minimum monthly wage from May 1

MOSCOW, Jan 25 (PRIME) -- The Russian government will need additional 39.3 billion rubles from budgets of all levels to raise the s minimum monthly wage to the living wage from May 1, the Labor and Social Protection Ministry said in a statement on Thursday citing Minister Maxim Topilin.

“Due to an increase of the minimum wage to the level of living wage for the working population from May 1, 2018, companies of the public sector of the economy will need additional 39.3 billion rubles….of which 7.5 billion rubles should come from the federal budget and 31.8 billion rubles from regional and municipal budgets,” the ministry quoted Topilin as saying.

Additional costs for the producing sector of the economy will amount to 22.7 billion rubles. The increase of wages will cover 1.6 million public employees and 1.4 million employees of the producing industries, he said.

(56.3888 rubles – U.S. $1)

End