Most Russian citizens will not benefit from the new pension reform that implies developing a new pension product, an ensured pension scheme, Vice Rector of the Academy of Labor and Social Relations Alexander Safonov said.
The expert believes that the new reform will be beneficial only to those with high income. According to Alexander Safonov, the average wage in Russia is RUR 20,000 ($313). In case 6% of this sum is paid to pension funds monthly, citizens will receive RUR 1,200 less than usual. The charges will total RUR 14,400 per year. For 30 years, the amount will total RUR 450,000 ($7,040) at most, the Svobodnaya Pressa website reported.
With these charges, the pension allowance will account for only RUR 2,000. However, most of it will be eaten away by inflation, Safonov said. Meanwhile, the monthly charges of RUR 1,200 for those who receive the average wage of RUR 20,000 are too high; for such citizens, current consumption expenditures are more crucial than pension savings.
The expert added that the government would benefit from introducing an ensured pension scheme as obligatory product. However, it will not imply this measure for fears of plummeting ratings, he said.