The growth rate of real wages for workers in Russia needs to be maintained, according to President Vladimir Putin. Speaking at a meeting of the Presidium of the State Council, Putin highlighted that in July, workers’ incomes saw a year-on-year increase of over 10%. He stressed the importance of supporting this trend and making it sustainable, with the state’s assistance in helping individuals of all ages become more professional and competitive in the labor market.
Putin set the goal for the government to transform Russia into a high-wage economy within the next decade. This objective aligns with his previous message delivered at the St. Petersburg International Economic Forum, where he emphasized the need for economic growth and improvement in standards of living.
The president outlined several areas that require attention in Russia’s professional education system and labor productivity. These areas include automation, new management techniques, and the provision of up-to-date workplaces and working conditions. By addressing these aspects, Putin believes that Russia can foster a more skilled workforce and enhance labor market competitiveness.
In April, Putin identified the improvement of real incomes and welfare for Russians as the government’s top priority. He also projected that real wages would rise by up to 5% and disposable income by up to 3% by 2023, mainly attributed to a decline in inflation.
Recently, Putin announced that Russia’s GDP has returned to pre-sanction levels, emphasizing the need to create conditions for sustained and long-term economic growth. These statements signify the country’s recovery from the impact of the Ukraine-related sanctions.
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In summary, President Putin’s remarks highlight the importance of maintaining the growth rate of real wages in Russia. He emphasizes the need for the state’s support in improving professional skills and competitiveness in the labor market. The goal is to transform Russia into a high-wage economy within the next decade, with a focus on areas such as professional education, labor productivity, and modern workplaces. The president also prioritizes improving real incomes and welfare for Russians, projecting future growth in these areas. The recovery of Russia’s GDP to pre-sanction levels is seen as a positive development, while creating conditions for sustained and long-term economic growth remains crucial.
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