Russia to raise minimum wage to 28,900 rubles in 2027, finance minister says

MOSCOW, September 24. /TASS/. The minimum wage in Russia will increase by 6.8% in 2027, reaching 28,900 rubles ($340), Finance Minister Anton Siluanov said at a cabinet meeting.

He noted that the federal budget deficit in 2027 would amount to 2.2% of GDP.

The minister stressed that a balanced budget is crucial for maintaining macroeconomic stability, lowering inflation and interest rates, and fostering growth in real disposable household incomes.

TASS has compiled the key statements made by the Finance Minister.

Federal budget

"The budget deficit is set at around 2% of GDP for the coming three years. In 2027, the budget deficit will be 2.2% of GDP."

"Expenditures will total 48.8 trillion rubles ($574 bln), and revenues will amount to 43.3 trillion rubles ($509 bln)."

A balanced budget is important "for maintaining macroeconomic stability, lowering inflation and interest rates, and fostering growth in real disposable household incomes, which will amount to 1.4% next year."

Minimum wage

"The minimum wage in 2027 will be 28,935 rubles--an increase of 6.8%, which reflects the projected wage growth for next year."

"The task set by the President - to raise the minimum wage to 35,000 rubles ($412) by 2030 - will be fulfilled."

Budget policy

"Fostering a competitive environment and fighting the shadow economy is a key objective. This task is part of the plan to formalize economic sectors, including combating 'gray' imports. Consequently, we have factored in additional annual revenues of around 500 billion rubles ($5.8 bln) in the draft budget."

The key principles of tax policy remain in place in the draft federal budget for 2027-2029: "The key principles of tax policy are being maintained: fairness and efficiency."

"The total volume of resources generated through budget optimization will exceed 2 trillion rubles ($23.5 bln) per year."

A total of 520 billion rubles ($6.1 bln) will be allocated for research and development (R&D) and for establishing and equipping production facilities during 2027-2029.