MOSCOW, Dec. 11 (Xinhua) -- Russia's poverty rate has dropped by more than 20 percentage points over the past two decades, reaching a historic low, Russian President Vladimir Putin said Thursday.
In 2000, around 42 million people lived below the minimum subsistence level, accounting for 29 percent of the country's population, while at the end of 2024, this figure had fallen to 7.2 percent, equivalent to just over 10 million people, Putin said.
This positive trend has carried into the current year, keeping Russia on track to meet its targets of lowering the poverty rate to below 7 percent by 2030 and below 5 percent by 2036, he added.
The president emphasized that Russia will introduce a new support measure for families with two or more children, offering subsidies to households whose per capita income in the previous year was below 1.5 times the regional minimum subsistence level.
Social pensions will be adjusted in line with the minimum subsistence standard for pensioners, with plans to raise the level next year, Putin noted.
He also highlighted that wage growth can boost domestic demand and strengthen the country's production and service sectors.
Income growth, alongside adjustments to the employment structure and the development of a high-wage economy, forms the foundation for reducing poverty and inequality while enhancing the well-being of Russian families, Putin said.
