Support The Moscow Times!

Russia's Unemployment Rate to Hit 6% in 2016

Russia's Labor Ministry has predicted that Russia's unemployment rate will reach 6 percent this year, gazeta.ru reported on Tuesday.

Civil servants and employees of small and medium-sized business will be most affected but oil and gas companies, heavy industry and banks are not planning large-scale staff cuts, according to the news website.

According to preliminary reports from the Rosstat state statistics service, the number of people unemployed in Russia in 2015 was 4.3 million — a 7.4 percent increase from 2014. Labor Minister Maxim Topilin said that he doesn't see any need for drastic staff cutbacks but recognized that “challenging situations may arise in a number of regional businesses that will require observation.”

The Russian government plans to spend 5 billion rubles ($63 million) this year to support the country's labor market.

… we have a small favor to ask.

As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just 2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

Continue

Read more