Earnings keep declining in Russia

In the times of pandemic, employers started by various means reducing wages. In the second quarter of the year, 4.6 mio working Russians saw decline in their earnings.


2.4 mio people were on unpaid leave, another 1.23 mio started working part time, while 948K have been temporarily unemployed. Altogether, 6.2% employees have faced income drop, the biggest figure since 2013. Besides, the unemployment in the second quarter stood at 4.47 mio.

In wealthier regions, earnings drop was due to efforts of employers to preserve the jobs, while in poorer areas with weak labor markets companies have been unable to maintain their workforce during lockdown.

As Invest Foresight reported earlier, experts believe the world will face unemployment akin to Great Depression levels. The upcoming second wave of the pandemic may dramatically degrade labor markets.

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