The Russian authorities decided to classify the draft of the next reform in the pension market, which they plan to launch in the coming years.
According to Interfax, the “secret” stamp appeared on the bill on a new system of funded pensions, which the Ministry of Finance is to submit by the end of this year.
The new system, as conceived by the authors, will allow citizens to voluntarily and independently save for their old age.
Similar functions were included in the current “funded pension”: 6% of the salary, which the employer deducts for the employee, had to form savings for payments to people in old age.
But in 2014, against the background of the budgetary crisis, funded pensions were “frozen”, and since then this decision has been extended annually. All pension contributions (22% of salary) go to payments to current retirees.
The Ministry of Finance and the Central Bank began to prepare a replacement for frozen pensions back in 2016. The first pancake turned out to be lumpy: the concept of individual pension capital (IPC) sank after two years of discussions: officials could not agree on the details, and the increase in the retirement age caused a strong negative resonance. In 2019, a new concept appeared – a guaranteed pension product (GSP). Among its main elements are a voluntary procedure for citizens to join the accumulation system, guaranteeing the safety of citizens ‘long-term pension accumulations by the state, registering citizens’ accumulative accounts with a central administrator, tax incentives for businesses and tax deductions for citizens.
According to the Ministry of Labor, at the beginning of 2021, the average pension in Russia was 17.2 thousand rubles.
Compared to 2013, it grew by 7.2 thousand rubles, or almost 72%.
In dollar terms, pensions have collapsed by 22%: 8 years ago it was $ 304, and now it is $ 235.