Econometric analysis of the impact of socio-economic factors on the wages of the population in Russia

Abstract

Relevance. Any activity is carried out with a specific purpose, which every organization strives for. Thus, for the majority of the Russian population, wages are the main source of successful economic development of the country. Wages as an economic category is an element of an employee’s income, a form of economic realization of the right of ownership of a resource belonging to him – labor. Purpose of the study. The main objective of the study was to assess the impact of socio-economic factors on the level of wages of workers in Russia. In this article, the factors included the consumer price index and the level of employment of the population. Materials and methods. The work carried out a correlation and regression analysis of indicators that affect the growth rate of the average wage, and also identified those of them that have the greatest impact on wages. Results of the study. The main socio-economic factors affecting the size of the average monthly wage of the population are the level of employment of the population and the subsistence minimum. With an increase in the level of employment, the subsistence minimum and investment in fixed capital, the average wage of the population increases. The highest predicted value of the average monthly wage will be achieved only with the maximum values of the independent variables. Therefore, in order to improve the welfare of the population of the country, the state must take into account the influence of the analyzed factors on the magnitude and dynamics of wages in the Russian Federation.