The implementation of Russian President Vladimir Putin's proposals regarding changes to the federal pension law will require an additional 500 billion rubles ($7.3 billion) over six years, but the government will find these funds, Russian Finance Minister Anton Siluanov said on Wednesday.
MOSCOW (Pakistan Point News / Sputnik - 29th August, 2018) The implementation of Russian President Vladimir Putin's proposals regarding changes to the Federal pension law will require an additional 500 billion rubles ($7.3 billion) over six years, but the government will find these funds, Russian Finance Minister Anton Siluanov said on Wednesday.
"According to our estimates, the amount of financial resources for these proposals amounts to 500 billion rubles over a six-year period. This will require clarification of our budget plans. This will require us to clarify the projections for the Pension Fund budget, which we are implementing for the coming three-year and six-year periods," Siluanov told reporters.
Earlier in the day, Putin outlined his position on what should be changed with regard to Russia's pension system. He proposed softening the government's version of the plan, in particular, by setting retirement age at 60 for women, knocking three years off the initially suggested age. According to Putin, the proposals to change the pension system will be formalized as amendments to the relevant bill and submitted to the State Duma in the near future.
"These proposals are aimed at improving the social security of people, especially those in the pre-retirement age, at improving the social security of retirees, and, of course, they will require financial expenses," Siluanov added.
According to Siluanov, the required resources will be taken from the Russian Pension Fund budget, which will receive funding from the state budget.
