Regarding insurance pension indexation due on Jan 1, 2020

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30 december 2019

Starting January 1, 2020, insurance pensions of non-working pensioners will be increased by 6.6%, which exceeds the 2019 inflation rates. The fixed payment and the pension point value, which are the basis for calculating the amount of the insurance pension, will grow to 5,686 rubles and 25 kopecks and 93 rubles, respectively.

The increased old-age insurance pension of non-working pensioners will grow by at least 1,000 rubles to average 16,500 rubles per month.

The increase will be individual for every pensioner depending on the size of pension. For instance, the insurance pension of a non-working pensioner, which amounted to 10,137 rubles in the end of 2019, will grow by 669 rubles to 10,806 rubles. The old-age insurance pension of a non-working pensioner, which amounted to 16,437 rubles in the end of the year, will grow by 1,085 rubles to 17,522 rubles.

Insurance pensions will grow in January consistent with the mechanism of indexation above the subsistence minimum, which was endorsed in 2019. The mechanism increases pensions even in the case of social supplements. The income of a pensioner, which includes the pension and other benefits, is enlarged with the social supplement to reach the regional pensioner subsistence minimum before the entire sum is increased. Therefore, all non-working pensioners entitled to indexation will receive higher pensions starting from January.

According to the preliminary estimates, the indexation will apply to 32 million non-working pensioners. Payments to pensioners, who will finalize their career during the year, will also be increased consistent with every missed indexation.

Pensioners receiving their payments via bank will have their increased January pensions credited to their accounts before the New Year holidays, starting December 30.