Insurance pensions in Russia will be indexed by 7.3% from January 1, 2025
Russian pensioners will have their pensions indexed starting January 1, 2025. From the explanatory note to the draft budget of the Social Fund of Russia (SFR), submitted to the State Duma, it became known who will be affected by the changes and how much the payments will be next year.
Insurance pensions in Russia are planned to increase by 7.3 percent, which corresponds to the expected level of inflation. The same increase will affect both non-working pensioners, whose payments are indexed every year, and working ones, for whom indexation will be the first since 2015. Insurance pensions in Russia are planned to increase by 7.3 percent.
The average old-age insurance pension will increase to 24 thousand rubles. As of mid-2024, the average pension for working and non-working pensioners was 21 thousand rubles.
Meanwhile, social pensions will be indexed from April 1. They will increase by 14.75 percent in accordance with the growth rate of the living wage of pensioners to 15.5 thousand rubles. Citizens of Russia who have not accumulated sufficient work experience for an insurance pension, disabled people and Russians who have lost their breadwinner can apply for payments of this kind.
In total, the Social Fund’s expenses for paying pensions, insurance benefits and social support measures will amount to about 17 trillion rubles. This corresponds to 7.9 percent of GDP. According to the fund, as of August 1 of this year, there were 7.85 million working pensioners and 33.2 million non-working pensioners in Russia.
From October 1, Russians will increase other pensions
Another increase in pensions will affect some Russian citizens as early as October 1. Thus, associate professor of the basic department of the Chamber of Commerce and Industry of the Russian Federation “Human Resource Management” of the Russian Economic University. G.V. Plekhanova Lyudmila Ivanova-Shvets said that from this day the pensions of military personnel, citizens who turned 80 in September and those who received a disability of the first group will increase.
Initially, it was planned to raise the pensions of reserve military personnel by 4.5 percent, but later it was decided to index them by 5.1 percent. Moreover, for each Russian from this category of citizens, the final amount will be different, since it will take into account rank, length of service and salary.
Citizens who have turned 80 years old will have their fixed portion of their insurance pension doubled. At the moment, the fixed payment is just over 8,134 rubles. Thus, the double size will be 16,269 rubles. The increase will also apply to citizens who have received a disability of the first group.
The State Duma proposed allowing Russians to transfer pension points to their parents
A group of deputies from the LDPR faction, led by Leonid Slutsky, will introduce a bill to the State Duma, according to which children will be able to transfer pension points to their parents. It is planned to make changes to the law “On Insurance Pensions”. According to the bill, Russians will be allowed to transfer no more than two pension points in one calendar year. At the same time, these points can be distributed in different ways: transfer two at once to a single parent or one each to both relatives.
The LDPR believes that this practice can increase the size of parents’ pensions and their standard of living.
The initiator of the bill, deputy chairman of the LDPR faction in the State Duma, Sergei Leonov, explained that in 2025, the minimum length of service for assigning an old-age insurance pension is 15 years, and the individual pension coefficient is 30 points. According to him, for a number of Russians, accumulating the minimum 30 points has become a problem, and the law according to which children will be able to share points with their parents will become significant support.
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