“The government approved the indexation of pensions by 3.7% in 2018

The Finance Minister previously announced that the pensions of working pensioners will not be indexed next year

Photo: TASS, Cyril Kuhmar

– The government approved the indexation of pensions from 1 January 2018 3.7%, despite the drop in inflation forecast for 2017 to 3.2%, said Minister of labor and social development Maxim Topilin at a briefing following the government meeting.

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He noted that previously, pensions were indexed to February 1, but the following year it was decided to do the indexation on 1 January.

Indexing various payments to preferential categories, according to him, scheduled from February 1 to the level of actual inflation. Indexation of social pensions, he said, is planned from 1 April to 4.1%.

Topilin said that “inflation was projected to last time of 3.7-3.8% for 2017, and inflation is the basis, and on inflation over the past year, indexed pensions 1 February.”

He stressed that despite the fact that the Outlook for inflation lowered for 2017 to 3.2%, the government “adopted a decision to index pensions by 3.7% from January 1 next year, and not from February 1 to provide a more meaningful increase in real pensions in the next year”.

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The bill will be submitted to the Duma together with the draft budget law and the budget of the Pension Fund.

“The indexation of all payments, which we also linked to inflation – is various benefits, first of all preferential categories of monthly payments, provided at the level of actual inflation from February 1 next year”, – said Topilin.

Earlier on Monday, Finance Minister Anton Siluanov stated that the pension of working pensioners will not be indexed in 2018.

“The seniors we have now is the growth of real wages at a faster pace than inflation. This will continue next year. And retirees who work, they have the opportunity to have more money and income. The increase will be above inflation”, – said Siluanov at the meeting of the Russian tripartite Commission.

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