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Ufa   °

Freezing of funded part of pension is extended until 2022

Economy/Business

UFA, 16 July 2019. /Bashinform News Agency, Galina Bakhshieva/ translated by Tatiana Aksyutina/.

The Russian Government has extended the freezing of the funded part of the pension until 2022 inclusive, the RBC reports with reference to the Ministry of Labor.

“When forming the revenue part of the budget the Pension Fund of Russia took into account the “moratorium” on the insurance contributions to finance the funded pension for the entire period,” the Ministry of Labor said.

Earlier, the freezing of the funded part of the pension was extended until 2021.

Back in 2016, the Ministry of Finance and the Central Bank developed the basic principles of a new funded pension model designed to change and modernize the funded pension that has been frozen since 2014.

The concept of formation of individual pension capital (IPC) assumes that working Russians will voluntarily deduct funds from their salaries to a future pension in addition to the employer's contributions. The savings will be the property of the person, not the state.

Initially, the IPC system was intended to be launched in 2019, but the discussion of the concept was frozen. The Bank of Russia and the Ministry of Finance are now discussing a possibility of postponing public discussion of the draft law on the introduction of the system of individual pension capital (IPC) for 2020.

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