Old-age pension indexation will be about 7% in 2019 - President of Russia

UFA, 29 August 2018. /Bashinform News Agency, Galiya Nabieva/ translated by Tatiana Aksyutina/. An indexation of old-age pensions will be about 7% in 2019, which is twice as high as the projected inflation at the end of 2018. This was stated by the President of Russia Vladimir Putin in his address to citizens regarding the pension reform.

"In general, in the next six years, we will be able to annually increase the old-age pension for non-working pensioners by 1 thousand rubles on average. As a result, it will give an opportunity to reach the average level of pensions for non-working pensioners in the amount of 20 thousand rubles per month by 2024", Putin said.

According to him, in the future, already beyond the year of 2024, changes in the pension system will make it possible to form a solid basis for a stable annual increase in insurance pensions above inflation.

The head of state drew attention to the fact that the mechanism of the annual increase in pensions should be set forth in the bill on amendments to the pension system.

"This should be done already by its second reading in the State Duma", Vladimir Putin stated.