MOSCOW, March 7. /TASS/. Russian President Vladimir Putin signed the law on raising the minimum monthly wage to the minimum subsistence income from May 1, 2018. The law was adopted by the State Duma on February 16 and approved by the Federation Council on February 28.
The minimum monthly wage amounts to 9,489 rubles ($166.7), which is 85% of the minimum subsistence income level. According to the new law, minimum monthly wage will reach 11,163 rubles ($196.07) per month.
The minimum subsistence income is the cost of a minimal set of foods, goods and services required to maintain health and support vital activities of an individual. It also addresses monthly payments and charges due. The minimum monthly wage is the minimum amount of wages of Russians before deduction of the individual income tax.