Pensions to be raised 6% on February 2003

Pensions will be raised 6 percent in Russia on February 1, 2003. The corresponding decision was made at today's meeting of Russian President Vladimir Putin with CEO of the Russian Pension Fund Mikhail Zurabov. The base pension will be 554 rubles (about $17.42). Zarabov also informed Putin that, in addition, pensions would be indexed by 11 percent in April 2003. Moreover, the leadership of the Pension Fund does not rule out a more significant increase in pensions, i.e. by 12.5-12.6 percent. He noted that the total rise in pensions in February and April would make up 150 rubles (about $4.72) and the average pension would be 1,620 rubles (about $50.93).