Minimum pension in 2024
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On November 14, the State Duma adopted in the second and third readings law on increasing pension payments in 2024. How the pension will be indexed is in the Kommersant certificate.
How is the pension calculated?
You can find out the size of your pension using a special formula.
Amount of fixed insurance payment in 2023 amounts to 7567.33 rubles, and the cost of one unit of the individual pension coefficient (IPC) is 123.76 rubles.
The IPC is the sum of all pension points accumulated during working life. It depends on the amount of tax contributions paid by the employer.
How pension points are accumulated
Pension points are awarded for each year of work. Additional points can be obtained for each year of child care:
- 1.8 points for the first child;
- 3.6 points – for the second;
- 5.4 points for the third and all subsequent ones.
The maximum period of child care for which pension points will be accrued is six years.
1.8 points are awarded for:
- military service;
- caring for a person with a first group disability, a child with a disability or an elderly person over 80 years of age;
- moving with a military spouse to a place where it is impossible to find a job;
- living abroad with a spouse working in diplomatic missions and Russian consulates.
You can receive a maximum of 10 pension points per year.
Who can receive an insurance pension
Both non-working pensioners and those who continue to work can receive a minimum old-age pension. In 2024, women will be able to retire at age 58, and men at age 64. Representatives of both sexes will need to have 15 years of work experience for this. In addition, a citizen’s IPC must be at least 28.2 points.
Minimum amount of insurance pension
However, the size of the insurance pension cannot be less than the national subsistence minimum. In 2023, for pensioners, its amount is 12,363 rubles. Moreover, each region independently sets its own cost of living. It can be either higher or lower than the basic one. If the pension amount is less than the national subsistence minimum, the difference will be added from the federal budget. If the regional cost of living is greater than the basic one, then the payment will be compensated up to its value.
How will the pension amount change in 2024?
From January 1, 2024, pensions will be indexed by 7.5%. This figure corresponds to the projected inflation rate. The size of the fixed payment to the insurance pension will change from 7567.33 rubles. up to 8134.88 rub. The cost of one pension point will increase from 123.76 rubles. up to 133.05 rub. In addition, from January 1, 2024, the cost of living will increase. It will be 15,453 rubles, for the working population – 16,844 rubles, for pensioners – 13,290 rubles, for children – 14,989 rubles.
Pension size in 2024
The average insurance pension in 2024 will be 23,405 rubles, stated at the Ministry of Labor. It will reach its maximum values in Chukotka, the Nenets Autonomous Okrug and the Kamchatka Territory. In these regions, the maximum cost of living for pensioners is established: 34,239 rubles, 23,985 rubles. and 23,692 rubles. respectively. In 59 regions of Russia, the cost of living for pensioners is less than the federal one. The lowest cost of living for pensioners will be established in the Belgorod and Saratov regions – 11,019 rubles. In Moscow it will be equal to 16,964 rubles, in St. Petersburg – 14,037 rubles.
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