RUSSIALINK: “Pensions in Russia to keep growing after 2024 – Labor Ministry” – Interfax

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MOSCOW. July 9 (Interfax) – Pensions will continue to grow after 2024, but the Labor Ministry is not ready to say at what rate.

“We are now calculating everything through 2024, although the calculations undoubtedly cover future periods. We’ll see, it will depend on how we can achieve the current tasks. Without a doubt, we are working on the assumption that pensions will continue to grow,” Labor Minister Maxim Topilin told reporters in the State Duma on Monday.

“The growth cannot stop,” the minister said.

The Finance Ministry said earlier that the average pension of a non-working pensioner in Russia should increase from 14,000 to 20,000 rubles by 2024, given the plans to increase the pension age. Representatives of the government’s social bloc have also said that the growth due to indexation starting in 2019 is projected at 12,000 rubles a year, meaning that the monthly pension would increase by 1,000 rubles a month.