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. Last Updated: 07/27/2016

Wage Arrears Declining

MOSCOW () -- The Russian government is 3 trillion rubles ($520 million) behind in its wage payments -- a significant improvement since last December, Itar-Tass reported.

Vladimir Putin, head of Russia's Main Audit Directorate, said Saturday that public-sector wage arrears had declined from 5 trillion rubles at the end of last year, according to Itar-Tass.

Putin said the backlog in pension payments had dropped from 13 trillion rubles in February to 12.5 trillion rubles by April 1. Audit agency investigators determined that 667 billion rubles in pension funds had been misused.

Putin said the government is capable of solving the wage- and pension-payment crisis by the end of June 1998.