Zurabov says pension rise is affordable

The pension rise due on August 1 will be affordable, Minister of Health and Social Development Mikhail Zurabov said at the president's meeting with the cabinet on Monday.

He added that pension system revenues were higher in the first six months than projected.

"There is an opportunity of raising pensions," said the minister.

Zurabov added that the government would consult departments concerned on the issue. In his words, the results of the conference will be reported to the prime minister.

"Next week, we will be ready to present our initiatives to you," Zurabov said to the president.

The latest basic pension indexation of April 1 from 600 to 621 rubles increased the average workers' pension by 125 rubles up to 1,915 rubles, and the average standard pension reached 2,060 rubles ($1 equals about 29 rubles).

The average social pension increased by 45 rubles up to 1,225 rubles.

The minimal pension went up to 944 rubles and the maximal to 2,243 rubles.

The maximal Northern pension increased more critically - by 291 rubles (up to 4,213 rubles). The indexation increased pension provision for 38.2 million pensioners.

Expenses for the pension raise since April 1 have accounted for 4.68 billion rubles monthly, and will make 42.1 billion before the end of the year.