In Russia, hidden unemployment and wage arrears are growing: the crisis is gaining momentum
Kyiv • UNN
In Russia, corporate wage arrears sharply increased, reaching 1.7 billion rubles in July. Hidden unemployment also grew, affecting a significant portion of employees on part-time work.
In Russia, against the backdrop of an economic downturn, corporate debt on wage payments has sharply increased, and hidden unemployment has reached record levels, according to the Federation of Independent Trade Unions of Russia (FNPR). The number of workers at risk of losing their jobs has increased by one and a half times compared to last year, and wage arrears for July grew by 25% and reached 1.7 billion rubles. This was reported by The Moscow Times, writes UNN.
Details
According to Rosstat, by the end of May, corporate debt had increased 3.4 times year-on-year – to 1.66 billion rubles (excluding small and medium-sized businesses). Rostrud monitoring showed that the share of employees on part-time work or week increased from 9.1% in June to 14.4% in mid-July, and the number of workers on downtime rose from 8.6% to 11.1%. The situation is most acute in industrial regions: Yaroslavl, Moscow, Samara, Ulyanovsk regions, and Tatarstan.
Experts attribute the situation to the Central Bank's high key rate, which limits enterprises' access to loans for wage payments, and a reduction in the volume of orders.
If previously optimization occurred due to a shortage of personnel, now it's due to a shortage of money
In the automotive industry and construction, hidden unemployment is particularly widespread, as part-time work and reduced working weeks are becoming the norm, and enterprises are forced to retain only the most valuable specialists.
"We are properly playing our role, considering what we can and should do within our capabilities," the FNPR explained, emphasizing that the growth of hidden unemployment can only be stopped with the appearance of financial resources in the economy. Analysts predict that with the slowdown of the economy, the practice of reducing working hours and decreasing wages will spread even further, and mass layoffs are currently being avoided.
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