The Russian State Council has proposed raising the limit of pension points for working pensioners
The working group of the relevant commission of the State Council proposed to raise the limit of pension points for working pensioners. This was reported by RBC with reference to the relevant document.
The draft passport of the national project “Personnel” now includes a clause that allows the authorities to remove the existing limit of three individual pension coefficients (IPC). Thus, it is proposed to allow working pensioners to accumulate points on par with the working-age population – up to ten per year.
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Working pensioners are those who receive a pension and work under an employment or civil law contract, and the employer makes contributions to the Social Fund of Russia (SFR).
How is the pension calculated?
In order to accurately know the size of your future pension, you need to understand the factors that influence it, Petr Shcherbachenko, PhD in Economics and Associate Professor at the Financial University under the Government of the Russian Federation, told Lenta.ru. First of all, the size of your future pension is influenced by your length of service, the economist said. No less important is your salary before deducting personal income tax (PIT) for each year. Another significant factor is the number of individual pension coefficients (IPCs) for each period worked. They accumulate during your official employment. The expert clarified that the cost of a pension point in 2024 will be 133.05 rubles. For comparison, in 2023, the cost of a point will be 123.77 rubles.
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The amount of payments is also affected by the year of retirement and the amount of the fixed part of the insurance pension. “This is a payment to those who have sufficient work experience. The amount of the fixed part of the insurance pension is established by the Government of the Russian Federation and is indexed annually. In 2024, it is 8,134.88 rubles,” Shcherbachenko explained.
In June, State Duma Labor Committee Member Svetlana Bessarab revealed to Russians the size of the pension in 2024 with an average salary of 75 thousand rubles. The deputy pointed to the provisions of the International Labor Organization Convention No. 102, partially ratified by Russia. According to the document, the pension should be 40 percent of lost earnings. “This is very simplified, but for a pension of 30 thousand, you need to receive a salary of about 75 thousand. In Russia today, the average salary is almost 75 thousand rubles,” Bessarab clarified. She added that in 2024, to retire, you need to earn at least 28.2 individual pension coefficients and have at least 15 years of work experience.
Working Russian pensioners have regained indexation
On June 26, the State Duma adopted in the second and third readings a law that returns pension indexation to working pensioners. It will affect the pensions of 7.87 million citizens of retirement age who continue to work. After indexation, the payment will increase by at least 1.3 thousand rubles.
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On August 7, the SFR reported that the indexation of insurance pensions due to working pensioners will take place in two stages from 2025: in February and April. The law on this indexation will come into force on January 1, 2025, but the indexation itself will be carried out a month later – on February 1.
Each February indexation will take into account how consumer prices have grown over the past year. The increase will affect both the insurance and fixed parts of the pension. And from April 1, the second stage will begin, when the size of insurance pensions will be indexed taking into account the growth of Social Fund income. This increase will affect only the insurance part of the pension. In other words, the one that is formed by the individual pension coefficient.
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