Pensions may be raised by 20 percent / News / News agency Inforos
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Pensions may be raised by 20 percent

By a majority vote, State Duma approved today in the first reading a draft budget of the Russian Retirement Fund. The decision was supported by 72 percent of the deputies.

The deputies noted that the draft was, by and large, a balanced one, and it envisioned a considerable increase in the amount of pensions: on the average, pensions are to be raised by 428 Rubles. The raise is to be effected twice – from April 1 and August 1, and it will be applied to both the base and the insurance parts of the pension. Starting from July 1, re-calculation of pensions is scheduled for working pensioners.

At the same time, certain shortcomings have been found in the document. In particular, parliamentarians expressed concern about the growing deficit of the Fund's budget, its increasing dependence on the federal budget, the growing volume of the Fund's functions not related to retirement insurance, and the insufficiency of tools for the investment of funds related to the cumulative part of the pension.

The "United Russia" parliamentary faction has proposed raising the amount of pensions in 2007 not by 15.5 percent, as has been specified in the draft, but by 20 percent. The proposal has been written in the resolution of approval of the Retirement Fund Budget.

As the president of the Russian Retirement Fund, Gennadi Batanov, said he was pleased with the debate in parliament. "The proposals and suggestions made in the reports of the Committee for Labor and Social Policy and in the speeches of some deputies, including those of the 'United Russia' faction, lead us to think how and where to we should be working for", he said.

G. Batanov assured the deputies that all the proposed raises and indexation of pensions in 2007 would be implemented, and the budget deficit would be offset by infusions from the federal budget. "Experience of working with the deficit this year shows that the Russian Finance Ministry meets its obligations strictly on time, and we pay out pensions in full and on time. The same will happen in 2007", said G. Batanov.
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