February 25, 2009

Half a million Russians to lose jobs, wages shrink

According to Reuters, CNBC: “The number of Russians set to lose their jobs amid the global financial crisis has reached half a million, jumping tenfold in less than four months, government statistics showed. The figures demonstrate how deeply the economic turmoil has penetrated into Russia’s real economy, affecting not only financial professionals, as was largely the case in October, but everyone from store clerks to construction workers. As of February 18, the health and social development ministry had classified 496,600 workers as “due for redundancy” — meaning job cuts notified to the government but not yet enacted.”

~News submitted by upthecreek

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