On 1st February labor pensions of Russians grew by 7%

On February 1^st 2012 labor pensions of nearly 37 million Russian pensioners were adjusted by 7%. As a result, the average amount of the old-age labor pension has reached 9,500 rubles.

As for the further growth of pensions in 2012, additional indexation of labor pensions is expected from April 1^st 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. From April 1^st monthly cash benefits will be adjusted by 6%.

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 a Russian Federation subject, then social supplementary benefit is set for such pensioners.