Source link : https://london-news.net/putin-sounds-alarm-over-surging-hidden-unemployment-as-russian-workforce-contracts/
Since the beginning of the year, over 100,000 Russian workers have been placed on reduced hours or unpaid leave, President Vladimir Putin stated on Tuesday, highlighting a concerning rise in what he termed “hidden unemployment,” despite the country’s official unemployment rate remaining at an unprecedented low.
During a meeting at the Kremlin focused on economic matters, Putin noted that the number of workers in such precarious situations—whom he referred to as “at risk of dismissal”—has nearly doubled over the past seven months.
“At the start of the year, approximately 98,000 individuals were in this position; by late June, this number increased to 153,000, and by August 8, it had escalated to 199,000,” he informed those present, as noted in a transcript made available by the Kremlin.
Although the official unemployment rate in Russia stands at 2.2%, the president emphasized that the latest data reflects a troubling trend that requires policymakers to address swiftly to prevent “cooling the economy.”
Among those present at the meeting were Prime Minister Mikhail Mishustin, Central Bank Governor Elvira Nabiullina, Economy Minister Maxim Reshetnikov, Finance Minister Anton Siluanov, and presidential aide Maxim Oreshkin.
This increase in underemployment is primarily occurring as major manufacturers, especially in the automotive industry, react to decreasing demand and rising borrowing costs by scaling back working hours.
This summer, several of…
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Publish date : 2025-08-16 13:44:00
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