Pensions of 4 Million Russians to Increase From April 1

Pensions of 4 Million Russians to Increase From April 1

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Social pensions and state pensions will be increased by 8.6% in Russia from April 1. A decree to this effect was signed by Prime Minister Mikhail Mishustin on March 18. Earlier, Russian President Vladimir Putin instructed to index pensions so that they exceeded the rate of inflation.

The decree ‘On measures to ensure socio-economic stability and protection of the population in the Russian Federation’ was signed by Vladimir Putin on March 16. Regional leaders were obliged to ensure socio-economic stability on the ground. The document also stipulates such an option as the provision of targeted assistance to citizens.

This decree provides for measures to ensure price stabilization, especially for essential commodities. It is also recommended to take measures to reduce excessive demand, primarily for certain categories of food products. In addition, the document obliges local authorities to support the population of the regions and ensure their employment. This applies, above all, the employees of those foreign companies, which have decided to close its branches in Russia. In addition, Putin signed a law which gives the government the right to promptly increase additional payments to pensions and make decisions on the indexation of these additional payments.

The Ministry of Labor, in turn, reported that 33.7 billion rubles ($359.61 mln) will be allocated for the indexation of social pensions and state pensions from the federal budget.

Pensions of 4 million Russian citizens will be increased, wrote the Prime news agency, citing Elena Grigorieva, Deputy Dean of the Department of Economics of the Peoples' Friendship University of Russia.

Children with disabilities in Russia receive social pensions, and participants of the Second World War and the disabled who received military injuries receive two pensions, insurance and state pensions, said Grigorieva.

At the same time, as Rossiyskaya Gazeta reports, social pension is granted five years later than the insurance pension. There are about 30 million people in the Russian Federation who receive insurance pensions.

There are almost 700,000 people living in Russia who are entitled to state pension benefits. This category includes civil servants, military servicemen, disabled persons, and persons who lost their breadwinner. The unemployed who are legally recognized incapable of work are also entitled to this payment.

Recall that the indexation of pensions in Russia is carried out every year from April 1. In 2022 the state budget includes funds to increase pensions by 7.7%. However, by order of Russian President Vladimir Putin, pensions will be indexed at 8.6%, which is slightly higher than the official inflation rate.

The other day, Anatoly Artamonov, head of the Federation Council Budget Committee, said in an interview with RIA Novosti that the Russian budget has the necessary funds to raise salaries for those working in the public sector, pensions and social benefits. This indexation is timely, he said, because with the existing inflation rate it is necessary to take measures to ensure that incomes of the population do not decrease.

For his part, Finance Minister Anton Siluanov said that the government would continue to closely monitor prices and would not allow pensioners to feel offended in the current environment.

Russian pensioners who live abroad were not neglected either. As reported by RIA Novosti, the Ministry of Labor clarified in Telegram at the portal Explain.rf that the obligations to this category of pensioners are fulfilled in full at the moment, and this will be done in the future.

As we can see, the government is taking all measures to ensure that the most vulnerable segments of the population - pensioners and recipients of benefits - are not put in a difficult situation at a time when numerous sanctions are being applied against Russia and prices are rising, while in some regions there is a rush demand for certain types of goods. The government has already made it clear that our country provides its population with basic necessities in full. In addition, in response to the sanctions, it was decided to temporarily ban the import of certain types of goods, including food products.

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