Working in Russia
To be an expat in Russia today has never been such a bankable assurance! The country also offers a wide range of employment opportunities in various sectors of it; Russia is generally the best place to find a pool for highly paid foreign specialists in the world. At the beginning of 90’s, after the Cold War, Russia gave up its ambition of turning itself from being a Communist to a Capitalist country. This increased its popularity amongst the rest of the world as a ‘Superior Financial Superpower’. Its transformation into a market-based open economy had some positive and negative effects on its population. However, in a nutshell, citizens and the expats working in Russia have contributed majorly to the country’s great economic boom in these past few years. Going ahead, to give you further an outlay on the economy and work permits as part of the tour of ‘Working in Russia’.
Economic Pillars of Russia: It’s strength
As standing strong amongst the other industrialized and developed nations of today. Russia’s service sector employs nearly 60% of the entire workforce, which is the highest in the country. With the Industrial production getting the second position, employing nearly 28% of the country‘s workforce into industrial production and processing enterprises. Metallurgy is a special focal industry of the nation, which the locals have been doing for ages. Russia is the world’s largest producer of Titanium metal and the third largest exporter of steel. In recent years, the government has taken some major initiatives in turning Russia into an IT hub
Russia being a gigantic country with a huge potential and rich with its humongous reserves of natural resources, it surely doesn’t come as a surprise that countless people make their living from these resources. Russia receives its main income from the production, refining and trading of its rich resources, which adds to the 70% of its calculated GDP.
As its exports in huge volumes, which make the Russian economy more and more vulnerable to the global ups and downs, which was an aftermath of the global financial crisis of 2008-09. Nevertheless, Russia was one of the first countries to steer itself successfully out of the crisis and became stable within a year, thanks to the various countermeasures and policies adopted by the government and the Russian Central Bank at that point of time.
The Expat Job Market in Russia
Working in Russia can be opted as the best choice for those expats who are looking to gain further experience in construction and moreover in the energy sector. Getting into any of these sectors can be a highly rewarding and a lucrative offer for the country as a whole. To keep in mind, Russia is the world’s second-largest producer and exporter of natural gas surpassing Saudi Arabia, the largest producer. In these two countries especially in Russia, the most of the oil sector is largely controlled and backed by government companies; expats interested in working in Russia’s energy sector might still be offered some interesting incentives. Furthermore, in the coming years there is going to be a growing need for the work force in the construction sector especially in cosmopolitan cities with announcement of lot of projects by the government.
Climbing up the Career Ladder
As an expat, if you are lucky enough to find a job in Russia then chances are their you might be availed with adequate compensation. From a recent survey that was carried out on ‘Countries with Economic Prosperity’ showed, Russia holds the 13th position amongst other wealthy countries in providing the most dispensable income and highest gross earnings.
As an expat finding a job opportunity for yourself in any of the sectors predominantly in finance, energy and construction — could also turn out to be a wise move for you in climbing up the career ladder! With one-third of all the expats working in Russia with an annual income of 250,000 USD and many of the positions in the management tier, it certainly can be a bankable option for you.
Getting a ‘Social Security’ cover
As an expat in Russia, you will be covered under the social security scheme that would be better than a one present in your home country that would cover most of the important aspects from sickness to work injury and unemployment. This perhaps is going to be the most interesting fact for every expat looking forward to work in Russia. As per the labour rules in Russia, an employer is supposed to pay for the employee’s social security and insurance funds and the formality is done at the time of joining as part of the induction. As an employee, no contribution is needed to be made.