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Cheap Labor Will No Longer Become a New Problem: Rising Salaries for Russians Will Turn into a New Problem
Maxim Oreshkin, Deputy Chief of Staff of the Presidential Executive Office of the Russian Federation, stated that there will no longer be cheap labor in the Russian economy.
Speaking at the Productivity 360 forum, the official warned businessmen and industry leaders that wages in Russia will continue to rise.
"We must understand that there will never be cheap labor in our economy; salaries have already risen and will continue to rise," Maxim Oreshkin stated verbatim (quoted by Interfax).
According to officials, the only way out of the situation is to increase labor productivity through automation.
- It is necessary to implement automation programs and implement artificial intelligence. But if you do not know how to build basic processes, you are unlikely to get results. Every manager should understand this," Oreshkin said.
According to the macroeconomic forecast of the Ministry of Economic Development, the growth rate of real wages in 2024 is expected to be 9.2% (April forecast - 6.5%), in 2025 - 7.0% (3.6%), in 2026 - 5.7% (2.8%).