Pensions in Russia increased by 15%

At the end of last year, the insurance pensions of Russians increased by a total of 15% compared to 2022. This was stated by Russian Prime Minister Mikhail Mishustin.

Russian Prime Minister Mikhail Mishustin delivers the annual report of the Government of the Russian Federation to the State Duma of the Russian Federation. Alexander Astafyev / RIA Novosti

Such an increase, as the prime minister specified, became possible due to the planned and previously carried out additional indexation. Similar dynamics will be observed in the country this year, Mishustin assured.

“Indexation affected pensions, payments and benefits”, he summed up during a speech in the State Duma.

Mishustin also added that in 2023, the minimum wage also showed noticeable growth. Over 12 months, this indicator increased by a total of 18%. Such rates, the prime minister explained, eventually outstripped inflation in the country.

The head of government assured that the similar dynamics will be observed this year.

Both pensions and the minimum wage have really grown, Nikolai Epikhin, a tax expert and head of the “Uprotschenka” portal, confirms.

“It should be noted that the pension is not subject to personal income tax, which means that pensioners receive payments without any tax deductions. I also note that various federal and regional tax benefits are provided for pensioners. For example, on transport and land taxes, property tax,” the specialist adds.

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