Putin Says Russia’s Unemployment Falls to Record 2.2% as Labor Reforms Advance

Overview

• President Vladimir Putin reported the jobless rate at 2.2% this year, down from 2.5% last year, calling it a historically low level.
• Economic Development Minister Maxim Reshetnikov said labor-market tensions are intensifying due to structural imbalances between worker supply and employer demand.
• The ministry has circulated a draft Labor Code revision that would raise the annual overtime cap to 240 hours from 120.
• The proposal introduces a unified overtime pay method based on the average number of overtime hours per day or shift in the accounting period.
• Planned updates include electronic confirmation of safety briefings, a new dismissal ground tied to theft cases closed on non-rehabilitating grounds, defined deadlines for switching to part-time work, a softened rule on recalling staff from leave in hazardous roles, and expanded layoff notifications via the 'Rabota v Rossii' platform; the bill remains under development.