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Changing Approaches To Determining The Living Wage In Russia

Table 4: Comparative characteristics of the cost and income approaches to the calculation of the living wage

Criterion Cost approach to the calculation of the living wage Income approach to the calculation of the living wage
Essence of the living wage Cost estimation of the consumer basket, as well as mandatory payments and fees Minimum amount of a citizen's income required for life support
Basis for calculating the living wage Consumer basket cost Median per capita income
Frequency of determining the value of the living wage once per quarter Once per year
Frequency of updating the rules for calculating the living wage Not provided at least once every 5 years
Possibility of reducing the cost of living Yes No
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