Government made amendments to Pension Fund budget

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Budget expenditure for non-contributory pensions increased by 188 bln rubles

Russian Prime Minister Dmitry Medvedev signed a decree to make amendments to the law on the Pension Fund of the Russian Federation for 2015 and for the planning period of 2016-2017, reports the website of the government.

The draft law provides for changes of the basic parameters of the Fund budget for 2015 due to the revision of the indicators of socio-economic development of Russia, including the adjustments of non-contributory pensions made on February 1, 2015. Pensions will be adjusted based on the actual inflation rate of 11.4% as of 2014 (against 7.5% budgeted in the Pension Fund of the Russian Federation for 2015), the report says. Expenses for non-contributory pensions increased by 188 bln rubles.

Given the deterioration of the macroeconomic forecast of the Payroll Fund the amount of insurance contributions to the Pension Fund decreased by 97.4 bln rubles in 2015.

The amount of inter-budget transfers for mandatory pension insurance directed to the Pension Fund of the Russian Federation from the Federal Budget increased by 258.6 bln rubles (from 431.3 bln to 689.9 bln rubles) in 2015.

In order to maintain the budget balance in 2015, it is planned to use carry-overs of the Pension Fund budget in the amount of 221.1 bln rubles as of January 1.

Last week the Cabinet considered these amendments together with the changes of budget of another two non-budgetary funds - the Social Insurance Fund and the Federal Compulsory Medical Insurance Fund - as well as of the Federal Budget.

Text and pictures by TASS