UPDATE 1-Putin says Russia to raise minimum wage from May 1

(Adds comment from minister)

TVER, Russia, Jan 10 (Reuters) - Russia will raise its minimum wage from May 1 this year, President Vladimir Putin, who is running for re-election in March, said on Wednesday.

Putin said the monthly minimum wage should be raised from 9,489 roubles ($166.47) at present to be in line with the minimum cost of living, which now stands at 11,163 roubles.

Labour Minister Maxim Topilin was quoted by RIA news agency as saying his ministry would in the near future prepare draft legislation on raising the minimum wage.

He also said his ministry was working with the finance ministry to establish the cost of the increase, the agency reported. ($1 = 57.0010 roubles) (Reporting by Gleb Stolyarov; Writing by Andrey Ostroukh; Editing by Christian Lowe)