Analysts Reports 9.2% Rise in Median Salary in Russia

According to RBC, the median salary in Russia climbed by 9.2 percent in annual terms in the third quarter of 2021, citing a joint survey by Sberindex and service.

The median wage is the amount for which half of all workers are paid more or less than the median income, Vedomosti writes. The minimum wage establishes the lowest pay that a full-time employee may be paid. According to the statistics department, the median pay in Russia last year was 32,422 rubles. According to the technique used last year, the minimum wage and subsistence minimum are computed as a ratio of the median pay and the median average per capita income of the population. Rosstat calculates the minimum wage at 42 percent of the median pay.

The following industries had the largest increases in median wages:

Information technology and communications – 13.5%;

Finance and insurance – 13.1%;

Trade – 12.9%;

Hotels and catering – 12.8%;

Construction – 12.5%;

Extraction of minerals – 10.7%;

Agriculture – 10.3%;

Manufacturing industries – 10%.

Wages in transportation and storage increased by 9.5 percent, while those in public administration increased by 8.8 percent. Salaries in education rose by 6.4 percent, while those in health care fell by 0.9 percent. Analysts said that revenues in this sector of the economy surged dramatically during the pandemic, thus the indicator for the third quarter compared to 2020 does not seem to be as favorable. According to the report, the wage bill (businesses’ spending for employee pay) increased by 13.8 percent year on year in the third quarter of 2021.