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Russia must become ‘high-wage economy’ – Putin

Real incomes in the country rose 10.5% year-on-year in July, according to the president

The growth rate of real wages for workers in Russia must be maintained, President Vladimir Putin said on Thursday, stressing that in July the measure of workers’ income saw a year-on-year growth of more than 10%.

“We need to support this trend and make it sustainable,” he urged a meeting of the Presidium of the State Council on the development of the labor market in Russia. “To achieve this goal, the state must help people of all ages to become more professional, qualified and, consequently, more competitive in the labor market.”

The head of state set a task for the government, to turn Russia into a high wage economy in the next decade, echoing a message he delivered at the St. Petersburg International Economic Forum earlier this year.

According to the president, there are new requirements in Russia’s system of professional education, in raising labor productivity, including “automatization and new management,” as well as for up-to-date workplaces and working conditions.

In April, Putin identified raising real incomes for Russians and improving their welfare as the number one task for the government. He also said that real wages in 2023 are expected to rise by up to 5% and disposable income by up to 3%. The growth is attributed to a drop in inflation.

READ MORE: Russia has recovered from sanctions pressure – Putin

Earlier this month, the Russian leader said the country’s GDP has once-again attained the level it was at prior to the launch of Ukraine-related sanctions, adding that it’s also important to create conditions for further stable and long-term growth.

For more stories on economy & finance visit RT’s business section

September 22, 2023 at 04:19PM

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