Putin: Russia's unemployment rate drops to a new low

According to today's Russian television website on April 4th, Russian President Putin stated on the 4th that the Russian authorities, together with businesses and unions, have lowered the domestic unemployment rate to a historic low. Currently, there is almost no unemployment situation in Russia and it will not face this threat in the coming years.

The picture shows the speech materials of Russian President Putin

Putin said at the plenary session of the Federation of Independent Trade Unions of Russia, "The employment situation is very good: the unemployment rate in Russia dropped to below 3% in 2023, to 2.9%, and even dropped to 2.8% in February this year."

The Russian president pointed out that labor shortages are becoming increasingly prominent in Russia. He said, "We have no choice but to either introduce labor from abroad or increase labor productivity... We have almost no unemployment, and this problem will not threaten us in the coming years."

In addition, Putin called on the government to accelerate the increase of the minimum wage amount in the coming years. He emphasized, "By 2030, the minimum wage for labor should double, reaching 35000 rubles (approximately $378) per month."

Experts believe that the decreasing trend of Russia's unemployment rate is related to the country's economic structural transformation. Currently, Russia is gradually breaking away from its dependence on raw materials and starting to produce more high-value added goods. Special military actions and import substitution work have also exacerbated labor shortages