The program of long-term savings of Russians will start working in 2024

The State Duma in the second reading approved the bill on long-term savings of the population, the program will start working from 2024. About this informed The Bank of Russia in its Telegram channel.

The preparation of the bill was carried out by the Central Bank and the Ministry of Finance. Its goal is not only to generate additional income for Russians after retirement, but also to create a financial “airbag” in the event of special life situations.

The bill proposes citizens to conclude a special agreement with a non-state pension fund (NPF), which will invest either the citizen’s own funds or previously formed pension savings in the interests of the client on the “principles of profitability and break-even”.

The program also includes state co-financing of savings during the first three years, but not more than 36,000 rubles. annually. There is also a special tax deduction – up to 52,000 rubles. annually with contributions up to 400,000 rubles. Funds on NPF accounts will be insured in the amount of 2.8 million rubles. 15 years after the conclusion of the contract or upon reaching the age of 55 (women) and 60 years (men), it will be possible to use funds for additional periodic payments.

The program of long-term savings of citizens was developed as part of the strategy for the development of the financial market of the Russian Federation until 2030 back in December 2022. It was clarified that long-term savings would be formed through voluntary contributions, maternity capital, as well as the funds generated by citizens in the funded part of the pension (frozen from 2014). During his address to the Federal Assembly on February 21, Russian President Vladimir Putin instructed to launch this program as early as April. In May, the bill was adopted by the State Duma in the first reading.