FX.co ★ Good life in Russia won't take long to come

Growth in the Russians’ living wage was recorded in first quarter of 2013. The amount of minimum income, which is needed to afford adequate shelter, food, and other necessities, has been raised by 6%. This sum is calculated considering the statistics on consumer prices for basic goods and services as well as mandatory payments and taxes. The living wage, which is now 7,095 rubles, is set quarterly in compliance with the above-mentioned data. The working-age population is now paid about 7,633 rubles, pensioners and children – 5,828 and 6,859 rubles correspondingly. The document signed by Russia's Prime Minister Dmitry Medvedev has already come into force.
Last year the living wage was estimated at 6,705 rubles, but the government had to revise and augment it once more because of 1.9% inflation. This minimum amount helps to estimate the satisfactory standard of living and establish a minimum salary. Therefore, the analysts expect an increase in real wages. According to Minister of Labor and Social Affairs Maxim Topilin, the average level of income among the Russian citizens will be about 30,000 rubles by 2018.