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The authorities promise to index pensions by 20%

Власти обещают проиндексировать пенсии на 20%Accurate figures for the indexation of pensions will be known early next year.

Automatic indexing of pensions will begin on March 1, 2019. This was stated by Minister of social policy Andrei Reva, the press service of the Cabinet.

According to Reva, the indexation of pensions will be introduced formula under the pension reform.

The formula will take into account the amount of 50% of the inflation rate and 50% growth of average salaries in 2018.

“If inflation this year will be 12%, as projected, then the calculation takes 6%. The wage Fund has grown for eight months on 25%, that is, no account is taken of 12.5%. In sum, it is 18.5%. This means that pension increases will be up to 20% of the size of pensions that exist today,” said Reva.

He noted that 2018 is not over yet, so the exact figures for the indexation of pensions is not yet known.

The official inflation rate and the growth of average wages in 2018 will be announced in February.

This will be followed by calculations and payments in accordance with the government decree.

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