The Retirement Pensions Increase

The Supreme Council unanimously supported the President's proposal to increase pensions. The deputy corps considered amendments to the law "On the budget of the Unified State Social Insurance Fund of the PMR for 2021" in the regime of legislative necessity.

The minimum old-age pension will be 693 rubles from April 1, 2021, which is 33 rubles higher than the previously established minimum pension. The size of pensions will increase by 5% in connection with the increase in old-age pensions. There are allowances for seniority. Their size will depend on how many people have worked in excess of the period required for calculating the retirement pension.

The maximum length of service in excess of the required for the appointment of pension and the accrual of an additional amount will be set at no more than 20 years.

It will be necessary to allocate an additional 79.7 million rubles from the state budget in connection with these changes, by the end of the year.

The Supreme Council adopted the law-in-draft in two readings at once. As a result of the increase in the minimum old-age pension and the introduction of additional amount to the pension, the size of pension payments will be increased from 5% to 11%, depending on the total length of service. Our pensioners will receive an increased pension in May. Recalculation will be made for April, after which, everyone will receive an additional payment in accordance with the new calculations within a month.

The Speaker of the Parliament noted that the Supreme Council and the Government continue to discuss the issue and develop a mechanism for increasing salaries of public sector employees and benefits to socially unprotected categories of citizens this year.