Putin: Salaries in Top Russian Companies Should Match Global Levels

Salaries for Russian specialists should be calculated in line with average compensations in this sector on the global level. Vladimir Putin also called for the abolishment of “golden parachutes” for top managers.

MOSCOW, December 18 (Sputnik) – Major Russian companies should pay their staff salaries comparable to similar firms abroad, Russian President Vladimir Putin said Thursday.

“We can invite foreign specialists to work in some companies, but salaries to foreigners and our nationals must be the same. [The salaries] must be calculated in line with average salaries in this sector on the global level,” the Russian leader said during a televised news conference.

Putin said that major companies need to focus on social justice and called for the abolishment of “golden parachutes” for top managers.

“I discussed it with the State Duma [lower parliamentary house], with the government, that golden parachutes must be eliminated. We are not the only ones doing it, other states do the same,” he said.

The Russian economy is currently experiencing a slowdown, weighing down the ruble amid a slump in global oil prices and geopolitical tensions over the situation in Ukraine. On Tuesday, Russian Deputy Prime Minister Olga Golodets said that the purchasing power of Russian consumers will go down in 2014. She called on the Russian authorities and businesses to try and support employees with year-end bonuses and other payments.

Putin devoted a significant part of his press conference Thursday to addressing concerns Russians are facing in light of the tense economic situation. However, according to Putin, the Russian economy will eventually recover from the downturn in the next few years. The president suggested that the situation may begin improving as early as in the first quarter of 2015.