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Russia must allocate up to $127 million to support labor market

Staff writer |
The Russian government must allocate up to 10 billion rubles ($127 million) to support the labor market in its anti-crisis plan for 2016.

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Labor Minister Maxim Topilin said that during a meeting with the Association of European Businesses’ (AEB).

“Concerning the amount of funds the Economic Development Ministry introduced a financing amount of 5 billion rubles. We are offering to consider up to 10 billion. Let’s look, the government shall decide,” Topilin said.

The minister said that unemployment will not exceed 6% in 2016. “We think that it will be not higher than 6% on average… during the year… There was no increase in December. We hope that it will not exceed 6% a year – this is the average annual figure.”

In December 2015, unemployment stood at 5.8% of the economically active population, or 4.4 million people. Topilin said that there are also about 2 million part-time employed people.

Topilin said that the situation on the labor market is “quite calm” and unemployment is “not too high.”

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