The Russian Ministry of Labor has proposed an increase in the minimum monthly wage. Last increased to RUB 19,242 per month with effect from 1 January 2024, the Ministry has proposed an increase to RUB 22,440 with effect from 1 January 2025. The minimum wage value is used for various tax purposes, including national insurance contributions for SMEs, which was reduced from 30% to 15% from 1 April 2020 on the portion of wages that is above the minimum wage.