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IMPACT – MEDIUM
What is the change? Russian employers have until July 31 to report the salaries of highly qualified specialists during the second quarter (April 1 to June 30).
What does the change mean? Employers who fail to report salaries face the possibility of steep fines.
Background: The quarterly salary reporting is not new, but under a law passed earlier this year employers must now meet salary minimums on a monthly, rather than yearly, basis. A new form has also been introduced that must be used when reporting salaries.
BAL Analysis: In preparing salary notifications, employers should make sure they are observing the new monthly minimum salary requirements.
This alert has been provided by the BAL Global Practice group and our network provider located in the Russian Federation. For additional information, please contact your BAL attorney.
Copyright © 2016 Berry Appleman & Leiden LLP. All rights reserved. Reprinting or digital redistribution to the public is permitted only with the express written permission of Berry Appleman & Leiden LLP. For inquiries please contact copyright@bal.com.
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