icon bookmark-bicon bookmarkicon cameraicon checkicon chevron downicon chevron lefticon chevron righticon chevron upicon closeicon v-compressicon downloadicon editicon v-expandicon fbicon fileicon filtericon flag ruicon full chevron downicon full chevron lefticon full chevron righticon full chevron upicon gpicon insicon mailicon moveicon-musicicon mutedicon nomutedicon okicon v-pauseicon v-playicon searchicon shareicon sign inicon sign upicon stepbackicon stepforicon swipe downicon tagicon tagsicon tgicon trashicon twicon vkicon yticon wticon fm

Putin says average pay must rise

At the first session of Russia’s new cabinet, economic matters took centre stage. The meeting focused on the Economic Development Ministry's three-year forecast, which will form the basis for calculating the budget this summer.

New Prime Minister Vladimir Putin was critical of what he said was a modest growth forecast by the ministry.

“It doesn't smell like innovative development. Has anyone taken a look at this forecast? It's extremely weak. We should regard these figures as a minimum level. Basically, there is still a lot more that must be done”, he said.

Putin said average wages should rise to around US$1,200 dollars a month by the end of the three-year period, and that the number of people living below the poverty line must be drastically reduced.
“The growth in average wages will be no less than about 10% a year. The forecast for the average wage by 2011 is 29,000 rubles. Currently it’s 13,500 rubles. The percentage of people under the poverty line should fall below 10%. Unemployment has to be below 4.5% – currently it’s 6.3%,” Putin said.