The VEB Institute predicted the impact of sanctions on Russian incomes

Russia’s real disposable income will fall by 12% in 2022, unemployment will reach 6.2% and inflation – 19.3% by the end of the year, according to a report on social policy measures developed by the Institute of Research and Expertise VEB.RF. The content of the document is provided by RBC.

The authors of the report propose to introduce additional measures to support citizens. The implementation of proposals that could solve the “urgent critical tasks” posed by Western sanctions will slow down the decline in disposable income to minus 10% and reduce unemployment to 6% by the end of 2022, said the head of “human capital” Raisa Lukyanenko .

In particular, experts suggest an additional index of pensions by 8%, the indexation of salaries of doctors, university teachers, secondary and junior nurses, teachers and educators should be 6%, salaries of other state employees, servicemen and law enforcement officers – 8%.

The authors of the report included in the list of measures to increase unemployment benefits to the subsistence level (12,792 rubles). The benefit should be paid not for six months, but for a year, but in the second half of the year the funds should be sent only to those unemployed who are undergoing retraining.

In addition, it is proposed to increase the amount of parent capital to a value equal to the national average market value of 6 square meters. m of living space, and align its value for the first and second child. Until 2024, the cost of VEB.RF measures is estimated at 4.9 trillion rubles.

On March 18, the Central Bank noted a deterioration in the Russian economy. The regulator announced that the Russian economy is now “entering a phase of large-scale structural adjustment”, due to which prices for goods and services will temporarily rise. The Central Bank maintained the key rate at a record level of 20% per annum since February 2003. The regulator noted that the decision helped maintain financial stability in Russia and prevented uncontrolled price increases.

More than 39 billion rubles will be allocated from the government’s reserve fund to support the labor market and prevent unemployment in the face of Western sanctions. In particular, more than 25.5 billion rubles. will create temporary jobs in the regions of Russia for citizens who risk losing their jobs. 400,000 people will be able to receive such assistance, the government said.

In March, the government also prepared measures to provide tax support to the public and businesses in the face of unprecedented sanctions pressure. Vedomosti got acquainted with the content of the draft amendments to the Tax Code (Tax Code) developed by the Ministry of Finance.

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