Pension and social insurance fund board regulation was approved by Government

The pension and social insurance fund board will include representatives of the Ministry of Labor, the Ministry of Finance, the Central Bank, senators, deputies, and All-Russian public associations and organizations. Prime Minister Mikhail Mishustin approved the corresponding order.

The fund’s board will become a collegial management body of the social fund. It will consider priority areas for the development of pension and social insurance systems, the budget of the fund for the next financial year and planning periods, and the formation of financial reserves. The fund board will also participate in developing proposals for improving legislation in the social sphere and approve the list of directions for the research work of the fund.

Recall that the unified pension and social insurance fund will start operating on January 1, 2023. It was created due to the merger of the PFR and the FSS. Such a reform aims to improve the quality of service to citizens, faster and more convenient processing and provision of support measures, and reduce the administrative burden on businesses. The Social Fund will preserve the continuity of all payments, services, and obligations within the competence of both departments.

As Bashinform News Agency wrote earlier, the government approved Sergei Chirkov for the post of chairman of the social fund. He will also become chairman of the board of this fund.

Author: Laysan Zakirova