Russia is discussing a statement from officials of the Ministry of Labor and Social Protection. This is a statement that concerns millions of citizens of the country.
So, the information service RIA News with reference to the press service of the Ministry of Labor, reports that the department guarantees a real increase in pensions.
It is noted that the parameters of indexing pensions in the country are determined by Federal Law No. 350-FZ. It prescribes the indexation of pensions above the expected inflation rates for the period from 1 January 2021 to 31 December 2024. Indexation parameters are presented: 6,3 percent, 5,9%, 5,6%, 5,5% - for the years mentioned. These figures were called by the Ministry of Labor "the real growth of pensions in Russia."
After 2024, it is reported that the increase in pensions will be determined by the growth of state budget revenue.
Economists, commenting on the data of the Ministry of Labor and Social Protection, say that it is extremely difficult to plan the growth of pensions for 3-4 years in advance in the current macroeconomic environment. Moreover, if the government does not ensure a low inflation rate (within 2-3%) for the next year, then inflation can “eat up” almost the entire planned increase of 6,3%.
Simple mathematics: if inflation is about 5%, then the real growth of pensions in Russia in 2021 will be about 1,3%. More than a modest indicator of real growth.