Minister wants state firms to raise labor efficiency by 5% by 2024

TULA, Mar 5 (PRIME) -- State companies should develop programs to boost labor efficiency by at least 5% by 2024 as envisaged by the president’s May decree, Finance Minister Anton Siluanov said on Tuesday.

“Let’s discuss after our today’s meeting, give the instructions to prepare directives to the companies with state participation to prepare programs to increase labor efficiency by at least 5% by 2024. State-owned companies are a significant part of our economy,” he said at an extended meeting on the implementation of national projects.

There are plenty of companies with state ownership in Russia, but they do not often work efficiently, Siluanov said.

“To ensure fulfillment of the tasks set by the president – an increase of labor efficiency by 5% by 2024 – we must connect these companies to our project,” he said.

A national project to raise labor efficiency and support employment will require 52.1 billion rubles until 2024, including 45.7 billion rubles from the federal budget, 800 million rubles from regional budgets, and 5.6 billion rubles from non-budget sources.

Labor efficiency growth target is 1.4% in 2019, 3.1% in 2021 and 5% in 2024.

(65.7956 rubles – U.S. $1)

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