Russia ready with Pension reform blueprints

The federal Pension Fund and the Ministries of Finances, Economic Development and Trade, and Labour are ready with a draft pension reform programme, and a legislative concept to implement it, Prime Minister Mikhail Kasyanov said in an opening address to a session of the presidential National Council for the pension reform. The drafting team has coped with a principal part of its assignment to specify the workings of the three integral parts of reform efforts, said the Premier. The draft envisages a fixed part of pensions preserved to provide a guaranteed minimum. Governmental efforts will go on to raise that minimum to the subsistence income. Differentiated pensions will be eventually introduced depending on actual earnings throughout the working record. Another, accumulated part of every pension envisages deductions from ablebodied persons' earnings to be saved on personal bank accounts.

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