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. Last Updated: 07/27/2016

Wage Hike Rejected

MOSCOW () -- Russia's Federation Council on Thursday rejected draft laws raising minimum wages and pensions that had been approved by the State Duma earlier this month, citing lack of budget funds, Interfax reported.

The wages measure would have increased the minimum wage to 75,900 rubles (about $16) a month from 63,250, retroactive to Feb. 1, which the government said would have cost federal and regional budgets an additional 400 billion rubles a month, the agency said.

Parliament's upper house also rejected the pension increase as too expensive on top of a recent presidential decree increasing pension benefits.