Pension Reform in Russia: First Year of Implementing
From January 1, 2002 Russian embarked on a pension reform to set up a three-pillar pension system and introduce funded principles of retirement pensions to be accumulated for "younger" workers. The new pension includes the flat-rate basic part which is paid to ensure a certain guaranteed minimum income, and the insured and funded parts both of which depend on amounts of insurance contributions and the resulting pension assets registered on an individual basis through the working life. The reform is aimed at improving the pension provision standards in the Russian Federation through ensuring long-term financial stability of the pension system.
|Date of creation:||Mar 2003|
|Date of revision:|
|Note:||The PIE International Workshop on "Pension Reform in Transition Economies", IER, Hitotsubashi University, February 22, 2003|
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