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Almost half of the additional economic growth in order to achieve the target rates should be provided by increasing the income of citizens. This was stated by the Minister of Economic Development of Russia Maxim Reshetnikov at the “Government Hour” in the Federation Council, dedicated to the forecast of the socio-economic development of the Russian Federation.

As the minister noted, although the forecast was formed until 2024, work is already being carried out “with an eye” for 2030 – that is, to achieve the national development goals set by the President. “The key condition should be sustainable economic growth. According to our estimates, its inertial rate will be slightly above 2% per year until 2030. The President has set a target of at least 3% per year. Therefore, the main thing now is to narrow this gap and achieve the target scenario “, – he stressed.

“Almost half of the additional growth in the economy is the growth of incomes of the population,” said Maxim Reshetnikov. It is planned to achieve this, firstly, by reducing unemployment and bringing the economically inactive population to the labor market, as well as reducing informal employment.

Stabilization in the labor market with growing demand and a decrease in the flow of external migrants makes it possible to move from short-term measures to support employment to long-term ones, the head of the Ministry of Economic Development continued. “The challenge now is not to create jobs at any cost, but to fight stagnant unemployment. To reduce low-paid and inefficient jobs, including in the public sector. To legalize the labor market.

Stimulate the growth of wages, including (which has already been done) by linking the minimum wage to the median wage, “he listed the areas of work.

The second track is the growth of real wages. “It will be associated not only with investments, technological renewal of production, but also with an increase in labor productivity, reduction of non-productive costs of business,” the minister explained. We are talking about irrelevant and outdated requirements, the abolition of paperwork, redundant checks by control authorities.

The third condition for income growth is an increase in entrepreneurial income, including through measures of the national project to support SMEs, stressed Maxim Reshetnikov. Fourth, fixing the minimum wage and living wage at a level not lower than the median wage and median income. “Yesterday, a bill was submitted to the Government, according to which the minimum wage in 2022 will grow by 6.4%,” he recalled.

“Strategic initiatives of targeted assistance – the social treasury, and, most importantly, presidential payments to support families with children are also aimed at the outstripping growth of incomes of low-income groups,” added the head of the Ministry of Economic Development.

A source: Ministry of Economic Development of the Russian Federation

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EDITOR’S NOTE: This article is a translation. Apologies should the grammar and / or sentence structure not be perfect.

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