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13 January , 14:46

Russian Government will allocate 550 billion rubles for pensions indexation above inflation in 2022

The Ministry of Finance noted that an additional 172.7 billion rubles would be required in 2022, taking into account the President's instruction to index pensions at the level of 8.6%.

The total amount of expenses for the indexation of the insurance pension this year will amount to 549.7 billion rubles. TASS reports this, citing the press service of the Ministry of Finance of the Russian Federation.

"The indexation of insurance pensions in 2022 was provided for at the level of 5.9%. The budget of the Pension Fund of the Russian Federation provides 377 billion rubles for this. Taking into account the instructions of the President of the Russian Federation to index pensions at the level of 8.6% above inflation, an additional 172.7 billion rubles will be required in 2022. The total amount of expenses for the indexation of the insurance pension this year will amount to 549.7 billion rubles.

The average pension of non-working pensioners will be 18,984 rubles after indexation by 8.6% on behalf of the President of the Russian Federation, which will affect 30.8 million people. Indexation will require an additional 170 billion rubles.

According to Rosstat, inflation in Russia in 2021 amounted to almost 8.4%. Thus, pensions will be indexed to a level higher than last year's inflation.

Author: Rozalia Valeeva

Translated by:Tatyana Aksyutina