Russian Economy Ministry Forecasts 35% Nominal Wage Growth by 2029

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Russian monthly nominal wages are expected to increase by 35% over the next four years compared to 2025 levels, according to a socio-economic development forecast for 2027-2029 released by the Ministry of Economic Development. This information was reported by "Vedomosti".

Under the baseline scenario of the forecast, nominal wages in Russia (before income tax deductions, including bonuses and allowances) are projected to rise by 10.3% in 2026, reaching 112,200 rubles. However, the ministry anticipates a slowdown in wage growth rates in subsequent years.

In 2027, wages are expected to grow by 6.8% year-on-year to 119,900 rubles, followed by a 6.9% increase to 128,200 rubles in 2028, and a further 7.1% rise to 137,300 rubles per month in 2029.

According to Rosstat (the Federal State Statistics Service), nominal wages in Russia increased by 14.3% year-on-year in 2025, reaching 101,700 rubles.