Labor Minister on pension reforms

All documents concerning tender terms for companies that are to manage pension resources have been finally approved and will be submitted to the government today, Russian Labor Minister Alexander Pochinok has declared at a conference devoted to pension reforms today. According to him, tender terms will be announced on June 11 to 13, 2003. On July 28 tenders will be completed and the results will be published by August 3. "There will be enough participants and tough tender terms only attract serious players to this market", Pochinok pointed out.

The minister noted he believed only from 5 percent to 10 percent of citizens would want their pension resources to be managed by managing companies. The rest of them will prefer non-government pension funds or will leave their resources with the State Pension Fund, he added.