PM Promises Further Increases in Pensions

Pensions will be further increased in the future. Russian Prime Minister Mikhail Kasyanov made this statement opening a government meeting devoted to the implementation of the pension reform, which according to the Prime Minister "has in practice begun this year." Kasyanov pointed out that during this year alone the amount of pension for about 12m pensioners had been raised by RUR350 ($11.05), and pensions had been increased twice this year.

According to the Prime Minister, one of the main elements of the pension reform is the so-called "saving system." About 70% of employed citizens "have begun to save funds that have been invested in financial instruments" this year. Therefore, these citizens will receive extra pensions totaling RUR6bn ($189.39m) as soon as next year, Kasyanov underlined.

The Prime Minister also remarked on the necessity of adopting a number of government resolutions and legal acts aimed at implementing the pension reform before the end of this year.