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IMPACT – MEDIUM
What is the change? Employers are required to file reports by Oct. 30 on the salaries paid to highly qualified specialists during the third quarter of 2015 (July through September).
What does the change mean? The reports are required every quarter, and employers must meet the minimum salary payment level by the end of each quarter.
Background: Employers must meet quarterly salary thresholds and report them each quarter. Employers should make sure they have paid all required salaries by the end of each quarter. Companies that do not comply with the rules may be fined 400,000 to 1 million rubles. Individual company officers may also be fined 35,000 to 70,000 rubles.
BAL Analysis: Companies are reminded to submit the salary notifications no later than Oct. 30 and observe the mandatory salary minimums.
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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