The Russians were offered new conditions for savings for old age: who will get 36 thousand

Citizens will be able to receive money from the state under the program of voluntary savings

The Ministry of Finance disclosed the details of the program for co-financing the savings of the population from the budget as part of the upcoming system of long-term savings. The volume of support for a citizen will be up to 36 thousand rubles a year, and the coefficient of state co-financing will depend on the size of his salary. The initiative was announced at a meeting of the Public Council of the Ministry of Finance with the participation of the head of the department, Anton Siluanov. MK discussed its pros and cons with experts.

The lack of “long money” in Russia – funds that can be directed to investment projects with a payback of seven or more years – is a chronic problem. In developed countries, it is solved through the use of pension savings. In Russia, they tried to follow a similar path, but so far to no avail. To do this, for example, in 2002 a program with a funded part of the pension was launched, on which the government introduced a moratorium in 2013, and since then it has been extended all the time.

A few years later, the Ministry of Finance again thought about “stimulating long-term savings,” but for various reasons, the matter never came to fruition. And so, in the course of his last address to the Federal Assembly, President Putin again raised the issue of the lack of money for long-term projects and gave the order to launch a program to stimulate the inflow of Russian savings from April 1, 2023. It was she who was presented by the Ministry of Finance at the Public Council. A participant in this program will be able to receive up to 36,000 rubles a year as co-financing, but the support ratio depends on the person’s income. According to the level of wages, citizens are divided into three categories. If a person has an average monthly income of less than 80 thousand rubles, then the state will increase the amount of savings for a ratio of 1 to 1: each ruble invested by the program participant will be co-financed by one budget ruble (that is, the state will deposit the same amount into the “pension” account). For Russians with an income of 80 thousand to 150 thousand rubles, the ratio will be 1 to 2. The ratio for citizens with an income of more than 150 thousand rubles will be 1 to 4, while the maximum amount of payments will not exceed 36 thousand rubles. The source of financing for these payments will be the Social Fund for Mandatory Pension Insurance and the NWF. Citizens will be able to conclude an agreement on participation in the program for at least 15 years. At the same time, payments can be received if women reach 55 years old and men reach 60 years old. The program is voluntary and, in addition to co-financing, its incentives will also be an annual tax deduction of up to 52 thousand rubles (with an investment of 400 thousand rubles), insurance of savings in the amount of up to 2.8 million rubles and the opportunity to withdraw funds without loss of profitability in special life situations.

“For poor Russians, and this is the bulk of the population, such an investment promises an increase of 100% per annum,” notes TeleTrade analyst Vladimir Kovalev. – The investment will bring 50% per annum to those who are more prosperous and receive up to 150 thousand rubles. And the rich – 25% per annum. Plus tax benefits, guarantees, investment income. Compared to interest on bank deposits, this is simply unheard of generosity. On average, banks now give 6.8% per annum on deposits over three years. According to Lyudmila Ivanova-Shvets, Associate Professor at the Plekhanov Russian University of Economics, this project has advantages both for the state and citizens. For the state, this is an opportunity to count on “long money” and investments, and to encourage citizens to form a “financial cushion” with a decrease in income at the pre-retirement and retirement age.

But there were much more skeptical opinions about the idea of ​​the Ministry of Finance. First, the vast majority of people have low incomes, often not covering expenses. To “unfasten” 3 thousand rubles a month even for your own pension or spend them “here and now” is an obvious choice for an ordinary Russian. The second disadvantage is the lack of trust in the state. “The new program will be unattractive, and not only because people do not have money for long-term investment,” believes Alexander Razuvaev, member of the Supervisory Board of the Guild of Financial Analysts and Risk Managers. – In Russia, there is still a huge shadow sector, in which salaries are given “in envelopes”. There is money in the country, but there is no trust in the state.”

This project is another attempt to revive the funded pension. According to Alexander Safonov, a professor at the Financial University under the Government of the Russian Federation, an innovation in this model is an attempt to combine three types of incentives for citizens: government co-financing, tax deductions, and the ability to withdraw funds for urgent needs. The limitation for the development of this program will be, as before, low average incomes and skepticism towards pension insurance in general due to many previous reforms, the expert is sure.