In Russia, the minimum wage increased to 19,242 rubles | Economics | Money

In Russia, the minimum wage (minimum wage) from January 1, 2024 will increase by 18.5% and amount to 19,242 rubles per month.

Let us recall that in 2023 the minimum wage was 16,242 rubles. The initiative to increase the minimum wage by 3 thousand rubles in 2024 was made by President Vladimir Putin, delivering a message to the Federal Assembly in February 2023. As a result, wages will increase for 4.8 million workers.

Also, in 2024, the cost of living in the country as a whole will increase to 15,453 rubles, for the working population – 16,844 rubles, pensioners – 13,290 rubles, children – 14,989 rubles.

Pensions of non-working pensioners will be indexed by 7.5% from January 1, resulting in an average payment of 23,405 rubles. Indexation will affect over 27 million old-age pension recipients.

At the same time, newly assigned pension payments to working Russians will be indexed. This will happen due to an increase of 7.5% in the pension coefficient and the fixed payment that makes up the insurance pension. As a result, the cost of the coefficient will be increased from 123.77 rubles to 133.05 rubles, and the size of the fixed pension payment will increase from 7,567.33 rubles to 8,134.88 rubles.

Earlier, economist and academician of the Russian Academy of Sciences Abel Aganbegyan said that increasing the minimum wage will partly help reduce the number of poor in Russia.