Retirement Benefit to Increase for Several Groups of Pensioners From October

Retirement Benefit to Increase for Several Groups of Pensioners From October

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Several categories of Russian pensioners are entitled to additional benefits this year, to be paid by International Day of Older Persons which is marked on 1 October. They are granted by the regional authorities, and the sum varies across the country because of different opportunities for financial support of the population.

The amount of benefits is determined by a special decision at a regional level and takes into account several conditions. For some regions, it is a job at local enterprises and a long period of residence in a particular area, while for others it is a certain age or disability.

According to Alpari’s senior analyst Anna Bodrova, cited by RIA Novosti, regional budgets do not have large sources of revenue, so the announced benefits will be small.

However, the aid of 500-700 rubles (about $8.26) will be very timely and necessary for the elderly, says Bodrova, as they are largely the most vulnerable group of Russians.

Military Pensions Indexation

Military pensions in Russia will increase by 3.7% from 1 October. Nearly 2.6 million Russians will be eligible for the indexation. This category of citizens includes those who performed compulsory service or served under contract, as well as those who worked in various law enforcement agencies, customs bodies, courier communications, federal firefighting service, and the Ministry of Emergency Situations (EMERCOM.) Pensions in Russia are calculated by rather elaborate schemes where many parameters are used to take into account all the details of a person's working life and the working conditions of citizens, says economist Andrei Loboda. The average pension for servicemen is about 25,000 roubles ($344.) Thus, the average bonus will amount to about 1,000 roubles ($13.76.)

Supplementary pension for persons aged 80 and over

Pensions will increase for Russian Federation citizens over 80 years old from the beginning of October. They are entitled to a fixed-rate supplement which becomes payable a month after a person turns 80. No additional documents are needed to submit to the Pension Fund in this case. The recalculation will be done automatically.

Increased Pension for Working in the Far North

Pensions will also be increased for Russians who have worked for 15 or 20 years in the Far North or similar regions. This is a fair solution because living conditions in these remote areas are more difficult. However, there is one condition. The total length of service must be at least 20 years for women and at least 25 years for men. This category of citizens will need to visit the local office of the Pension Fund in person with all the necessary documents to recalculate pensions.

In addition, pension payments will be increased for elderly Russians who stopped working as self-employed in May of this year. These pensioners will get an indexation of insurance payments for the aged. However, they become eligible for this pension increase not until four months have passed since the end of their self-employment.

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