Russia: Pensions to Get 5.4% Inflation Adjustment

13 January 2017 (13:33)

UrBC, Moscow, January 13, 2017. Old-age insurance pensions will get a 5.4% inflation adjustment on February 1, 2017; this increase in comparable with the actual inflation rate in 2016, Labor Minister Maxim Topilin informed reporters following Russian President Vladimir Putin’s meeting with the Cabinet officials, TASS reports.

‘Pensions will get inflation-adjusted on February 1, 2017. Rosstat carried its consumer price index report for the year 2016, and their inflation figures state at 5.4%, so all insurance pensions will go up by 5.4% on February 1,’ Topilin is quoted as saying.

According to the minister, another inflation adjustment will also go through on April 1, 2017 under the terms of the Russian Federation Pension Fund Budget Act. Topilin said the increase would be a very slight one, so the overall yearly increase will only amount to 5.8%.

Apart from this, a number of social welfare payments (child support, veterans’ pensions, benefits for the disabled) will also rise by 5.4% on February 1.

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