Russia to boost funding to reduce poverty rate: PM

MOSCOW, Oct. 14 (Xinhua) -- The Russian government intends to significantly increase funding for the national "Family" project to 3.24 trillion rubles (about 42 billion U.S. dollars) to ensure the country's poverty rate does not exceed 7 percent by 2030, Prime Minister Mikhail Mishustin announced on Tuesday.

According to data from Russia's Federal State Statistics Service, 8.1 percent of Russians, or 11.9 million people, lived below the poverty line in the first quarter of 2025.

Mishustin noted that the government raises the minimum wage annually at a rate that outpaces inflation.

Since the beginning of this year, the minimum wage has increased by over 16.5 percent, exceeding 22,400 rubles. And starting Jan. 1, 2026, it will increase by more than 20.5 percent to 27,093 rubles.

Official data shows Russia's unemployment rate stood at 2.1 percent in August, remaining at a record low. Meanwhile, demand for labor remains high and many sectors face severe labor shortages.

"We will continue to create conditions across the country to enable citizens to build careers and earn decent salaries. It is important to take into account all challenges that have emerged or could potentially hinder the country's development," Mishustin said. (1 Russian ruble = 0.013 U.S. dollar) Enditem