Insurance pensions, social benefits grow by 5.4% in Russia on Feb 1
Insurance pensions of over 31.4 million non-working pensioners grew by 5.4% in Russia on February 1, 2017, consistent with the 2016 growth of consumer prices.* The value of individual pension coefficient (pension point), based on which insurance pensions are assigned, currently stands at 78.28 rubles (74.27 rubles prior to February 1, 2017). In addition to the insurance pension, the fixed benefit also grew by 5.4% to 4,805.11 rubles.
Hence, all types of pensions paid by the Russian Pension Fund – insurance pensions, old-age pensions, disability pensions and survivor (loss of breadwinner) pensions of non-working pensioners - grew by 5.4% in February. Working pensioners will be entitled to the larger pensions upon the end of their employment.
An average old-age pension will reach 13,620 rubles in 2017, 467 rubles more than in 2016. The pension will exceed the pensioner’s subsistence minimum by approximately 60%.
The 2017 budget of the Russian Pension Fund allots nearly 230 billion rubles for increasing insurance pensions on February 1. The total allocations for insurance pensions from the 2017 budget of the Russian Pension Fund will amount to 6.4 trillion rubles. →