MOSCOW, December 14. /TASS/. Russia’s statutory monthly minimum wage will be increased by 18.5% effective from the beginning of next year, President Vladimir Putin said at his combined Direct Line Q&A session and year-end press conference.

"When I spoke about the growth in real incomes, it certainly should be mentioned that our statutory monthly minimum wage will be increased by 18% in one stroke. We do not make [such a hike] very often," the head of state noted.

On November 27, Putin signed into law a bill for raising the statutory monthly minimum wage to 19,242 rubles ($214). Under the new law, the monthly minimum wage hike will represent an increase of 18.5% starting from January 1, 2024. The monthly minimum wage has been at the level of 16,242 rubles ($180.70) in 2023.

The statutory monthly minimum wage in Russia has been changed 25 times since 2000.