Russian Trade Unions Call for Reduction of Key Interest Rate
“The FNPR is receiving reports from trade union organizations acrossthe country indicating a growing trend of wage arrears.This process destabilizes the social environment and increases the number of labordisputes,” the statement reads.
According to the FNPR, the primary cause of delayed wage payments is the lack of working capital among enterprises.
Businesses are unable to access credit at economically viable interest rates, a situation resulting from the Central Bank’s monetary policy. In its attempt to combat inflation, the Bank of Russia has significantly raised the key interest rate, which, in turn, is freezing wage growth, increasing corporate debt, and leading to layoffs.“Russian trade unions call for a reduction of the key interest rate!” -the FNPR emphasized in its statement.
As of the end of April, the total amount of overdue wage arrears in Russia stood at 1.4819 billion rubles — an increase of 33.8 million rubles (2.3%) compared to March.
GCTU News
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President of Russia Vladimir Putin Presents the Order of Honour to Viktor Pinsky
Viktor Pinsky, a member of the Russian State Duma and General Secretary of the General Confederation of Trade Unions (GCTU), has been awarded the Order of Honour. The award was presented by Vladimir Putin, President of the Russian Federation.
"My sincere congratulations! I am glad that your work has been duly recognised by the country's leadership," Vladimir Putin said as he presented the award to Viktor Pinsky.
The ceremony took place today in the St George's Hall of the Kremlin in Moscow.
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Kyrgyzstan marks Social Protection and Trade Union Workers' Day
On 19 October, Kyrgyzstan marks Social Protection and Trade Union Workers' Day.
The holiday has national status - a rare practice for professional dates dedicated to the trade union movement.
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Viktor Pinsky: Employers to be required to respond to trade unions within a month, facing disqualification for missing deadline
On 15 October, the State Duma unanimously adopted in its first reading a bill that would oblige employers to respond to trade union requests within one month at the latest. The bill received 418 votes. Among its authors is Viktor Pinsky, General Secretary of the General Confederation of Trade Unions (GCTU) and a State Duma deputy.