On 1st February labor pensions of Russians grew by 6.5%

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03 february 2014

On February 1st 2014 labor pensions of 37.8 million Russian pensioners were adjusted by 6.5% based on the growth of consumer prices in 2013. As a result, the average amount of the old-age labor pension has reached 11.400 rubles.

As for the further growth of pensions in 2014, additional indexation of labor pensions is expected on April 1st , taking into account PFR revenues raise per one pensioner and indexation of social pensions taking into account the growth rate of subsistence minimum in the Russian Federation over the past year.

At the same time from April 1st monthly cash benefits will be adjusted by 5%.

In August labor pensions of the working pensioners will be adjusted non-declaratively.

With that, the financial provision of Russian citizens will be no less than the regional minimum of subsistence. If the total amount of pensioners’ financial provision does not reach minimum of subsistence established in the subject of the Russian Federation, then social supplementary benefit is set for such pensioners.