Russia: Putin Launches New Financial Support for Workers

Russia’s President Vladimir Putin Wednesday said his administration will provide financial support to people working in small & medium-sized businesses so they can improve their living conditions during the COVID-19 pandemic.

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"Besides the support measures that are already being in place, I propose providing small & medium-sized companies of the affected sectors with direct free financial help from the state," said Putin, as reported by TASS agency.

"The amount of support for a particular company will be calculated taking into account the total number of its employees as of April 1, proceeding from an amount of US$162 per employee per month," he explained.

To receive this public aid, companies only have to meet one requirement: keep over 90 percent of their payroll as of April 1. If they do so, this month's support will be credited to a company account in May.

In January, the Russian minimum wage fluctuated between US$151 and US$162, according to Trading Economics. In the manufacturing sector, however, the range of workers' wages was between US$591 and US$631 per month.

The Russian government is also preparing a new set of policy measures to maintain its country's economic activity levels.

"The situation is changing dynamically. I request the government together with regions and business associations to assess efficiency and sufficiency of undertaken measures on a going basis," Putin said.​​​​​​​

As of Wednesday morning, Russia had reported 24,490 COVID-19 cases and 198 deaths.