Pension up since August 1

Since August 1, 2002 pensions in Russia increase 9 percent for all categories of pensioners, the Russian Pension Fund reported.

The average pension in this country will be equal to 1,417 roubles ($1 being over 30 rubles), while the minimum one - 766 rubles. Thus, pensions will grow by 117 rubles on average.

Since pension indexation goes in inflation environment, the increase percentage depends on the inflation level.

Initially it was envisaged to increase pensions by 7 percent, however, the Fund's means allowed to raise the index to 9 percent.

Pensions were previously indexed by 6.5 percent on February 1, 2002.

Currently, there are over 40 million pensioners in Russia.

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Author`s name: Editorial Team