Pension system: what Russians should expect in 2018
A number of events and modifications essential for all parties to the mandatory pension insurance system, including current and future pensioners, will take place in Russia’s pension system in 2018.
Rise of pensions and social benefits
Although insurance pensions regularly increase by the actual inflation rates of the previous year, the 2018 pension increase will surpass the inflation rates of 2017. Insurance pensions of non-working pensioners will grow by 3.7% as early as on January 1, 2018, instead of February as before. The increased fixed payment will amount to monthly 4,982.9 rubles, and one pension point will reach 81.49 rubles. As a result, an average annual old-age insurance pension will grow to 14,075 rubles, and to 14,329 rubles for non-working pensioners.
Starting February 1, the monthly social benefit received by federal benefit holders will increase by the 2017 inflation rates.
State pensions, including social ones, will be raised by 4.1% on April 1. Once this happens, an average annual social pension will amount to 9,045 rubles. An average social pension of children with disabilities and persons with lifelong disabilities of the first group will reach 13,699 rubles.
Pensioners who were working in 2017 will have their insurance pensions increased in August 2018: the Russian Pension Fund (PFR) will accomplish the traditional automatic adjustment of insurance pensions.