The efforts of the Central Bank to combat the so-called “salary slavery” are a movement in the right direction, experts say. However, they note that in order to fully solve the problem, it is also necessary to increase the financial literacy of the population. So, analysts commented on the recommendations contained in the Central Bank report “Bank of Russia Approaches to the Development of Competition in the Financial Market”.

“Getting rid of such“ slavery ”is normal. But it’s another thing that one must bear in mind here also that, having received such an opportunity, a person assumes the risks of his own decisions. And he must rise to a slightly different level in terms of financial literacy, ”said Nikita Maslennikov, a leading expert at the Center for Political Technologies, in an interview with RT.

According to him, at least 40 banks in Russia are at risk of license revocation. And this kind of information when choosing a payroll bank must be considered. If decisions are made by the employer, then checking the reliability of the bank is more his responsibility. If the employee takes the initiative in his own hands, then he must be aware that his obligations are automatically increased.

Recall that the very right to choose a bank through which salaries will be accrued was granted to Russian citizens back in 2014. But, as the Central Bank notes in its report, the passivity of the workers themselves does not contribute to the development of the system. Employers, on the other hand, pursue a policy of “soft” imposing a payroll bank, because it is more convenient for enterprises to keep accounts through one financial institution. Thus, legislatively, “salary slavery” has already been abolished, but in reality it still exists.

  • The building of the Central Bank of the Russian Federation in Moscow
  • RIA News
  • © Maxim Blinov

To remedy this situation, the Central Bank proposed a number of measures to simplify the procedure for choosing a salary bank. In particular, one of the options involves obliging a certain category of employers, which, first of all, includes state structures, to provide the employee with a choice of several banks, to which wages will be transferred. According to experts of the Central Bank, there are other ways to solve the problem.

In particular, it is proposed to provide “the possibility of payment of wages using the phone numbers of employees for their further transfer through the Bank of Russia Quick Payment System (SBP)”, as well as “provide for the employee’s right to withdraw funds from the account for which wages are charged, to the account of the same person opened with another bank, ”the report of the Central Bank says.

Nikita Maslennikov believes that the proposal to transfer funds from the same person for free from an account in one bank to an account in another is “quite logical.” But the economist doubts that this proposal is easily implemented, because even the leader of the payment and settlement market Sberbank has not yet connected to the Quick Payment System. In early November, in connection with this, he was fined. The chairman of the Central Bank of Russia Elvira Nabiullina then stated that "10 out of 11 systemically important banks have connected to the system."

“The system (SBP. - RT ) is still in this near-test mode, and it has not reached its full design capacity. Therefore, it is necessary to make an adjustment here for this factor. But I think this is a completely solvable issue, ”said Nikita Maslennikov, a leading expert at the Center for Political Technologies.

Competition development

An economist, a lecturer at the Russian Presidential Academy of National Economy and Public Administration under the President of Russia Vladislav Ginko, in an interview with RT, recalled that the Central Bank’s proposals were initially aimed at improving competitiveness in the Russian banking sector, which in turn would lead to a recovery in the economy.

“The proposal of the Central Bank suggests that it ensures that competition in the market develops. Because these proposals, of course, are directed not towards large, but medium and small banks. So that these banks can participate in salary projects, ”Ginko said.

  • RIA News
  • © Natalya Seliverstova

According to him, further on, one can expect from the Central Bank initiatives to develop regional banks, which are more focused on work in a particular subject of the federation than on work at the federal level. Increasing the number of players in the market will allow, according to Ginko, "to cheer up credit organizations and make them work more efficiently." The final consumer will benefit from this, as there will be a wide selection of terms of service, as well as loan offers.

“For people, this is beneficial. They will be able to save on transfer commissions, they will be able to choose the organization where it is more profitable for them to work, and not be tied to a bank with which they have already agreed. That is, it is a matter of expanding consumer choice in the financial services market, ”the economist explained.

He also warned that possible innovations could cause resistance from major market players. They, perhaps, will slow down the unfavorable competition for them, which deprives them of their won monopoly position.

Recall that laws that specify the procedure for choosing an employee of a payroll bank were adopted in July 2019. For violation of the employer's right to choose a financial institution, fines were introduced. For officials, this amount is from 10 to 20 thousand rubles, individual entrepreneurs can pay from 1 thousand to 5 thousand rubles for violating this right, legal entities - from 30 thousand to 50 thousand rubles.