Russians Might be Deprived of Their Pensions, says Russian Economist

Russians Might be Deprived of Their Pensions, says Russian Economist


In the past, the Russian authorities have made every effort to persuade residents that freezing their pension savings was only a forced and temporary measure and it would be abolished a bit later. Then the pension savings diligently accumulated by the working population would be returned to their accounts.

More than 5 years have passed since then. Lawmakers continue to find new explanations for why they decided to extend the period of freezing of the Russians’ pension assets.

Meanwhile, due to the passage of time, the situation is not likely to completely stabilize in Russia. However, representatives of all government institutions constantly report on the successful actions of the government’s financial and economic block. According to them, these actions enabled restructuring of the national economy and making it immune to various external factors such as sanctions, the fall of oil prices and others.

The Russian authorities are particularly proud of the National Welfare Fund. It is steadily being replenished and accumulating enormous sums of money. However, these funds are allocated to help unprofitable state corporations and large raw material businesses, if necessary. As for pension savings, they were not returned to the Russians. In addition, recently, the State Duma has again extended the period of freezing.

It is noteworthy that even the National Welfare Fund was once established as a safety cushion for the Russian pensioners. However, it turned out that any financial mechanism created by the authorities pursues only one goal, namely, to take money away from average citizens and to transfer it to large businesses.

The news that the State Duma lower house of parliament decided to extend the period of freezing of the investment part of the Russian citizens' state pensions was commented on by Mikhail Khazin, a Russian economist, publicist and radio presenter. To his thinking, the move might be regarded as a fraud.

According to Khazin, the decision made by members of the State Duma is one of the numerous outcomes of the “truly harmful liberal policy” operated by the Russian political elite in recent years. “The purpose of these actions is the same,” says Khazin. “They want to deprive the Russians of their pensions.”

In this regard, says Khazin, the people who have been working on the transformation of the pension system in Russia for over 20 years, should be held fully responsible in the future for everything they have done. Khazin believes that, as a minimum, they should be dismissed from their positions.

He also criticized the new pension system that has recently been developed by the Finance Ministry and the Central Bank. In his opinion, chances are all its parameters will aim only to rob people outright.

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