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Russia needs more reserves to double pensions
RBC, 18.03.2005, Moscow 19:42:50.Additional reserves should be formed, so as to double the nominal average amount of pension by 2008 and to minimize the Pension Fund's deficit, the government commission for budget planning has decided today, according to information from the Russian government's press service. The budget plans for the Pension Fund, the Social Insurance Fund and the Federal Compulsory Medical Insurance Fund for 2006 and for the medium term were the main issues on the commission's agenda. Russia's healthcare and social development minister Mikhail Zurabov made a report on this issue. The press service emphasized that the commission had focused its attention on increasing the nominal average amount of pension by 2008. Specifically, two scenarios were considered: the conservative scenario envisages raising pensions by 89 percent, and the intensive scenario is based on a 100-percent increase in the average pension. The scenario envisaging the doubling of pensions is viewed as the base scenario, as it would allow a reduction in the gap between the average wage and the average labor pension by 2008. The finance ministry and the healthcare and social development ministry have been instructed to finalize the documents that have been submitted, taking into account the result of the discussion.
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