Next indexation of pensions in Russia will take place no later than February 1 next year

Head of the Russian Pension Fund Mikhail Zurabov said at a press conference in Moscow Tuesday that the next indexation of pensions in Russia would take place no later than February 1, next year.

He specified that in case inflation in the nearest quarter exceeded 6%, then, certainly, indexation would be undertaken from November 1 this year." Next year, they plan to carry out three pension indexations. At the same time, the Pension Fund head said they assumed next year inflation to amount to 11.3 %.

He indicated that the first indexation was scheduled for February 1, 2003, from April 1 the Pension Fund was planning to increase the insurance portion of pensions by 11.2 %. In August, pensions are expected to be increased by another 6 %.

Zurabov did not rule out that the size of a basic pension would be brought up to 600 rubles simultaneously with an increase in the minimum pay in 2003.