The Russian Pension Fund has approved a draft budget for 2023. Retirement pays will be increased under the new plan, Ura.ru reports.
Now that the Russian Constitution has been amended, it contains a clause on annual adjustment of retirement payments and benefits for inflation. The Russian Pension Fund will receive additional RUR 1 trln ($14 bln) compared to this year.
The average retirement payment in 2021 will amount to RUR 17,432 ($246), adjusted by 6.3%. In 2022, Russian pensioners will be getting RUR 18,357 ($260), adjusted by 5.9%. In 2023, the pensions will be increased to RUR 19,283 ($272), adjusted for 5.6. This year pensions will be adjusted by 9.13%, which is three times higher than the official inflation rate.
Moreover, starting August 1, 2020, working pensioners’ retirement pays will also be adjusted for inflation, with a maximum increase of RUR 279 ($4) for this category. Adjustments will be made automatically. Annually, pensions may not be increased by more than three retirement scores (in 2020 one score equals RUR 93 or $1.3).