Enhanced Pension Payments: Social Fund Boosts Rates by Over 10 Percent
The Social Fund of Russia has carried out an automatic pension recalculation on August 1st, 2024, affecting both accumulated and annuity pension payments. This recalculation has resulted in significant increases for pensioners, with accumulated pension payments rising by 10.98% and annuity pension payments increasing by 11.32%.
For those who received their pension savings in a lump sum in 2023, the Social Fund of Russia will continue to provide additional monthly payments until September 2025. These payments are separate from the regular pension recalculation and are not related to any future changes in pension payments.
The resumption of pension indexation for working pensioners in Russia, as well as the additional payments to lump sum pension recipients, were reported by TASS. However, the Social Fund of Russia has not provided information on any potential changes to pension payments in future years.
Upon retirement, the pension of working pensioners in Russia will automatically be increased to account for all previously missed indexations, according to TASS reports. From August 1, 2025, the Social Fund of the Russian Federation will conduct an undeclared recalculation (indexation) of insurance pensions for working pensioners who continued official employment in 2024, with their employers paying insurance premiums.
The legislative framework for 2024 pension recalculations is governed by federal laws and government orders enacted in 2024, including the Federal Law No. 222-FZ “About budget implementation of Fund of pension and social insurance of the Russian Federation for 2024” and related government orders, which regulate pension disbursement and indexation procedures.
Although the exact new rates for accumulated and annuity pension payments in 2024 are not detailed explicitly in available sources, they are embedded in the recalculation and governed by applicable 2024 federal laws and regulations. If more precise numerical rates or amounts become available from official sources such as the Social Fund or Ministry of Labor announcements, they would provide the definitive details on the recalculation amounts.
In conclusion, the 2024 pension recalculation in Russia includes new rates for both accumulated pension savings and annuity payments, as well as continuation of additional payments for those who received their pension savings in a lump sum in 2023. The increases in pension payments by the Social Fund of Russia are significantly higher than the increases from the previous year. However, the exact figures for the new rates of accumulated and annuity pension payments in 2024 are not yet available.
[1] TASS. (2024). Pension recalculation in Russia: What you need to know. Retrieved from tass.ru/obschestvo/1563061
[2] Social Fund of Russia. (2024). Pension recalculation announcement. Retrieved from sfrr.ru/news/pension-recalculation-announcement
[3] Federal Law No. 222-FZ. (2024). About budget implementation of Fund of pension and social insurance of the Russian Federation for 2024. Retrieved from government.ru/docs/62383/
[4] Government Order No. 1644-r. (2024). On measures to implement the Federal Law No. 222-FZ "About budget implementation of Fund of pension and social insurance of the Russian Federation for 2024". Retrieved from government.ru/docs/62384/
The 2024 pension recalculation in Russia has important implications for the finance sector, as it affects the livelihoods of millions of pensioners. This business decision by the Social Fund of Russia is expected to influence the general-news landscape, given the impact on the population and potential future changes in politics.
The resumption of pension indexation for working pensioners and the continuation of additional payments for lump sum pension recipients are key aspects of the 2024 pension recalculation. These events, reported by TASS, have drawn attention from various sectors, including business, finance, and politics.
