Putin provides a week-long holiday for Russians in social bundle to fight coronavirus

MOSCOW – Russian President Vladimir Putin on Wednesday proposed a wide variety of unconventional emergency social measures to help families and organizations in the midst of the worldwide coronavirus outbreak, such as a week-long holiday for laborers and higher taxes on profits.

During a live broadcast address to the country, Putin tried to console the Russian people and markets that the administration would utilize all of its available power to fight off financial breakdown.

Russia has reported 658 cases of coronavirus, with Wednesday seeing its sharpest increase in new cases, and says no one has died yet. But the economy has been hit by delayed vulnerability over coronavirus and tumbling oil prices, which have seen the tumble fall to four-year lows.

Putin’s announcement, an extended holiday for laborers with the exception of key business like drugstores, banks and grocery stores, effective on March 30 was an unconventional step. Other different countries have preferred locking down cities, with few individuals only permitted out for food and medication.

Alongside this measure, Putin said unemployment benefits ought to be lifted to reflect the lowest minimum wage, at 12,130 rubles ($153) a month, specifically mentioning the need to support young children, a group of voters he has generally found harder to win over at elections.

To combat capital surges, Putin said all interest and profit installments that leave Russia ought to be subject upon 15% tax, up from the present degree of 2%.