Russia’s unemployment rate rises by one-third

by   CIJ News iDesk V
2020-05-22   14:49

Russia’s unemployment has risen by 30 percent since the start of the coronavirus pandemic, according to deputy prime minster, Tatiana Golikova. The number of those registered to be out of work has grown to 1.7 million people, thought economists warn that the real numbers could be up to four times higher. Russia's government has offered interest-free loans to the most-affected businesses so they can cover part of every employee’s salary.

These loans would be written off if their recipients retain at least 90 percent of the employees they had before the crisis. But to be eligible, companies will also have to work in an industry that the Kremlin recognizes as having been severely affected. The maximum loan amount is the equivalent of one minimum wage payment of 12,130 rubles per employee per month.