Kommersant learned about plans to index pensions by 7.5%

The government will index pensions by 7.5% in 2024. About it reports Kommersant with reference to the presentation of the draft budget of the Social Fund for 2024–2026, which was approved on September 22 at a government meeting. The authenticity of the presentation was confirmed by the Ministry of Labor.

The publication notes that this is the first draft budget that was formed after the merger of the Pension Fund of Russia and the Social Insurance Fund into a single structure. In 2024, the total budget of the Social Fund will be 16.2 trillion rubles, including 16 trillion rubles generated from insurance contributions and transfers from the federal budget. The remaining amount is the funds from the carryover balance of the fund’s budget for 2023;

The volume of expenses will be similar, writes Kommersant. According to the newspaper, 10 trillion rubles. will be spent on paying pensions. According to the macro forecast of the Ministry of Economic Development, inflation in Russia in 2023 will be 7.5%. As a result of indexation, from January 1, 2024, the average old-age insurance pension for non-workers will increase by 1,600 rubles, to 23,400 rubles. In the previous version of the draft budget of the fund, the Ministry of Economy expected inflation at 5.3%, based on it, the pension would be 22,800 rubles.

Another 2.2 trillion rubles. the fund will spend on supporting families with children, including payments of a single benefit, maternity capital, one-time benefits for the birth of a child, etc. It is expected that expenses for sick leave, maternity and child care benefits will amount to about 1.1 trillion rubles.

On September 22, Minister of Economic Development Maxim Reshetnikov announced during a government meeting that all social payments will be indexed to the level of actual inflation. He noted that this year inflation is expected to rise “somewhat” (up to 7.5%), by the end of 2024 it will be 4.5%, and in 2025 it will reach the target level of 4%.