1. Russia Legislation Updates – March 2016 Retirement and Social Security
Pension reform blueprint features a mandatory employer-sponsored plan.
A document reportedly leaked by the Finance Ministry outlines a pension reform proposal jointly prepared by the Central Bank, Ministry of Finance, and Ministry of Labor. It would introduce a mandatory employer-managed retirement scheme financed by employer and employee contributions. From 2019, employers and employees would contribute 1% each and the figure would rise to 2% each in 2022, then 3% each by The government would subsidize higher contributions for those doing hazardous work and slated to retire earlier. The scheme may be introduced in stages, starting with companies of over 1,000 personnel in 2019, and extending to the self-employed by 2024. 1