MOSCOW, January 1. /TASS/. The legal minimum wage in Russia is set to rise by 18.5%, effective January 1, 2024, to 19,242 rubles per month ($212.60).

The minimum wage was last adjusted by 6.3% staring from January 1, 2023, bringing it to 16,242 rubles ($179.50) per month. Russian President Vladimir Putin proposed making an upward adjustment to the legal monthly minimum wage in his State of the Nation Address last February. The official wage hike will result in a pay raise for about 4.8 mln wage-earning employees across Russia.

Furthermore, the minimum cost of living per capita will be set at 15,453 rubles ($170.70) per month overall, 16,844 rubles ($186.10) for the working-age population, 13,290 rubles ($146.80) for retirees, and 14,989 rubles ($165.70) for children.

The legal monthly minimum wage is the minimal lawful gross amount of salary or wages that a Russian employer is obligated to pay an employee per month before deduction of personal income tax (PIT). This metric is also used to calculate payments for sick leave pay, pregnancy allowances, and certain other social benefits.

The minimum wage amount cannot be less than the cost of living for the working-age population and is uniform across all 89 regions of Russia. It has been adjusted 25 times since 2000, including the latest increase.