Economy01.12.2023 - 11:44

Russian wage growth had an impact on inflation became known

In October, about 55% of small and medium-sized entrepreneurs noted an increase in prices for their products and services over the past three months, according to a joint survey by PSB and Opora Rossii.

Фото: Freepik

According to "Izvestia", the highest price increase was recorded in the trade sector, where this indicator amounted to 67%.

A third of companies (27%) of those that increased prices for finished products cited rising wage costs as the main reason.

Superjob's data also confirms that the majority of Russian companies have increased employee salaries throughout 2023, and every second company plans to do so in the near future. But there are also influences here, including rising purchase prices and increased fuel and logistics costs as additional reasons for the increase in the cost of finished products, according to information from the PSB and Opora Rossii survey. To optimize costs, SMEs are ready to develop online sales (33%) and reduce material costs (29%). However, only 14% of them are ready to reduce staff or cut payroll, the study says. About a third of entrepreneurs plan to further increase the cost of their goods and services.

There is an increase in competition for labor force in the country, which forces entrepreneurs to increase wages, experts say to Izvestia. At the same time, the inflow of young workers is low, and, accordingly, when some employees retire, there is no one to replace them, explained Ramil Khakimzyanov, owner of Kapital LLC.

In addition, the situation with the lack of labor force is related to the shortage of personnel due to the replacement of mobilized workers, says Anastasia Zykova, managing partner of Key Consulting Group and member of the Moscow branch of Delovaya Rossiya, adding that many workers have been taken over by enterprises of the military-industrial complex.

The growth of salaries is stimulated not only by the increase in production, but also by the situation with the departure of some migrants from the country, notes Sergei Mironov, a member of the presidium of "Opora Rossii". At many enterprises, the shortage of personnel reaches 30%, he claims.

Labor costs increase on average by 10% annually, but the specific increase in salaries depends on the employee's position, notes Ramil Khakimzyanov. For example, if there is a shortage of machinists, their wages may increase by 30%.

In November, President Vladimir Putin noted that the salaries of Russians are growing faster than the rate of inflation: for eight months they increased by 7.5% in real terms. According to the Ministry of Economic Development, the greatest growth in labor remuneration is noted in the manufacturing industry (+12% for eight months of 2022), mainly due to the production of electrical equipment (+19%), computer and electronic equipment (+17%), clothing production (+21%).

Recall that earlier experts called 2023 - the year of blue-collar workers and job seekers.

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