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Finance Ministry announces different pension tax system

Credit: Natalia Seliverstova | RIAN

Russia‘s Ministry of Finance has shared the details of a draft law on a new pension tax that will form the additional component of the pension. Initially dubbed “individual pension capital,” the system will now be called “secured pension product,” RIA Novosti news agency reported.

The ministry, headed by Anton Siluanov, assured that the new pension savings system will be a solely voluntary option. In addition, the government will secure protection of these long-term pension savings. The corresponding document, developed by the Ministry of Finance, has been submitted to the Ministry of Labor and Social Protection for approval.

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