The main directions of the Strategy

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Presentation transcript:

The main directions of the Strategy Improving tariff and fiscal policy Reforming early retirement institute New pension formula International cooperation Development of corporate, non-state pension schemes Improvement of financial defined contributions

A new pension formula Value of an IPC is at least 30 Retirement age does not change (60 – men, 55 - women) 15 years minimum length of pensionable service Introduced gradually Non-contributory pension Increase of defined benefits Defined benefits Insurance old-age pension is subject to specified condition Introduced gradually

Implemented measures of the Strategy Procedural and institutional measures A new pension formula with increased requirements on the "entry" into the scheme The right to choose an option to form pension rights between unfunded and funded component of the pension scheme Tariff optimization of the insurance contributions level for mandatory pension insurance for self-employed Additional insurance contributions tariff for payments in favor of workers employed with special labor conditions A special assessment of labor conditions and as a result employers are exempt from insurance contributions as per additional tariffs or these tariffs are differentiated taking into account class of labor conditions Implementing set of measures to ensure the safety of pension savings and ensure return on their investment

OPTIMIZATION OF INSURANCE COVERAGE PAYMENT SYSTEM Active model Projected model Disability pension Monthly payments Social services Early retirement Pension Fund of the Russian Federation Monthly insurance benefit Additional costs for medical, social and vocational rehabilitation Social Insurance Fund of the Russian Federation Social Insurance Fund of the Russian Federation Award of a one-time insurance benefit for a total disability <20% Award of a monthly insurance benefit for a total disability> 20% Award of a monthly compensation payment (for early retirement if entitled to) At the retirement age the right to choose: award of insurance old-age pension or a monthly insurance benefit

Additional measures to improve pension scheme Pension payment to employed pensioners excluding indexation Increase of the income base of the PF budget through the activities for labor market legalization Increase of the retirement age for civil servants