Russian President Vladimir Putin has signed the Federal Law “On the Execution of the Russian Pension Fund’s Budget 2016”. The law was adopted by the State Duma on September 27, 2017, and approved by the Federation Council on October 10, 2017.
In 2016, the Russian Pension Fund ensured the full and timely payment of all types of pensions and social benefits and took every measure towards raising their size. Insurance pensions grew by 4% in 2016; state pensions, including social pensions, were also increased by 4%. As a result, an average old-age insurance pension stood at 13 172 rubles in the end of 2016, while an average social pension was 8 645 rubles.
As much as 6 513.6 billion rubles were spent on pensions in 2016.
The monthly social benefit increased by 7%. The monthly social benefit expenditures amounted to 383.4 billion rubles.
In the end of 2016, the overall income of persons with disabilities and WWII veterans (including pensions, monthly social benefits, and monthly social supplements) averaged 35,000 and 38,000 rubles, respectively (it grew from 769 to 1,700 rubles over the year).
The overall spending on federal social supplements, which increased pensions of non-working pensioners to the pensioner’s subsistence minimum in the region of residence, stood at 99.8 billion rubles in 2016; the allocations grew 2.4-fold since 2015.
In 2016, the PFR spent 365.3 billion rubles on every type of use of maternity capital funds (36.7 billion rubles more than in 2015).
Also in 2016, the PFR invested 1071.1 million rubles in co-funding social programs of Russian constituent territories, which improved the quality of life of senior citizens and persons with disabilities.
The PFR budget revenue stood at 7.6 trillion rubles in 2016, or 100.7% of the planned amount. The fund received 4.1 trillion rubles worth of insurance contributions, or 100.4% of the planned amount.
Inter-budget transfers from the federal budget stood at 3.3 trillion rubles, including:
- 1 964.7 billion rubles for payment of state pensions and social benefits, including maternity capital;
- 988.6 billion rubles for payment of insurance pensions consistent with mandatory pension insurance;
- 392.0 billion rubles for compensation of the shortfall in the PFR budget revenue caused by discount rates of insurance contributions of certain categories of contributors;
- 6.8 billion rubles for co-funding pension savings.