Minimum living wage as a basic aspect for managing the population’s life quality in Russia

Abstract

The purpose of this research is to analyze the problem of incompliance of the minimum living wage (MLW) and the subsistence level. The consumer baskets of the Moscow residents and Europeans are compared. The MLW in Russia and countries of the Eurozone is aligned. Social aspects of raising the MLW to the level of the subsistence level are considered. Positive and negative consequences are formulated. The dynamics of the MLW and subsistence level are studied in detail. The factors influencing the quality of the population’s life are regulated. Positive and negative consequences of raising the MLW are formulated. Conclusions about the quality of the Russian population’s life are made. The article is based on a comprehensive study of regulatory and legislative documents that establish the MLW amount, the subsistence level, the consumer basket, as well as on studying the works of national and foreign researchers.