MOSCOW, August 7 (RIA Novosti) - Russia has the lowest minimum wage out of all European countries, Novaya Gazeta said in a report published on Friday citing a Eurostat publication.
The lowest minimum wage out of EU countries is Bulgaria at 123 euros ($176) per month with Romania a little higher at 153 euros ($219). Luxembourg has the highest minimum wage at 1,642 euros ($2,356). In comparison Russia's average wage is just 97 euros ($139).
"It is unlikely that wages will grow significantly in the near future. This is due to a new law replacing the Unified Social Tax with the extra budgetary fund. The rates will be higher that those of the UST," said Yelena Kornetova, from the FinExpertiza consulting group.
Workers in Russia's capital city Moscow are slightly better off than Russians across the country with a minimum wage of 8,700 rubles (195 euros).
However, the recent 30% drop in the value of the ruble against the euro and dollar following the global downturn has wiped out any advantage for Muscovites. Although there is some bright news for those living in the capital as Moscow is no longer considered the most expensive city in the world to live, having recently fallen to third place according to a survey.