Minimum payments of $300 are received by persons who are not officially employed. Workers with less than 10 years of experience receive $600. $750 for citizens of working professions.
Highly qualified specialists have a pension of about $1,500. Representatives of highly paid professions receive the most: doctors, lawyers, military personnel; their pension provision is $3,000.
Prices In principle, increasing the minimum wage increases labor costs. Employers may accept reduced profits and/or increase prices. When prices rise, demand for the product decreases and buyers may switch to a replacement product or to imported analogues. Low-margin producers may be forced out of business if they do not raise prices enough to offset rising labor costs. Whether the increase in workers’ incomes resulting from an increase in the minimum wage can offset these effects is controversial. Some studies have found an increase in prices in restaurants after increasing the minimum wage.