Last week, the President had signed an agreement to cut the workforce of the ministry to 10 percent, CNN Money reported.
The Russian economy contracted by 2.2 percent in the first quarter of the calendar year 2015.
The International Monetary Fund (IMF) estimated the country’s gross domestic product (GDP) to shrink by 3.8 percent this year. The agency projects its GDP to decline by over 1 percent next year.
The Russian government is planning to reduce its spending by nearly 10 percent to revive the economy. But analysts believe that the government’s latest austerity measures will result in further deterioration in the economy.
Chosen excerpts by Job Market Monitor. Read the whole story at Russian President Putin Cuts 110,000 Jobs to Save Economy.