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Applications for placing pension savings into bank deposits have been processed at the Moscow Exchange. The application of one credit institution for 500 million rubles, i.e. the entire auctioned amount, was accepted. Pension savings were placed into bank deposits for a period of 45 days at an annual rate of 7.7%. The volume of applications more than twice exceeded the auctioned sum.

Consistent with the proposal made by Russian President Vladimir Putin in his annual address to the Federal Assembly on February 20, the indexation of pensions and monthly benefits will be based on the pensioner’s substance minimum. This means that the indexation will apply not to the current amount of pensions and monthly social benefits, but to the overall payments to pensioners, which are increased to the amount of the regional pensioner’s subsistence minimum with the supplementary social benefit.

The current rules require that the indexation disregards the pensioner’s substance minimum. So, every indexation increases the amount of pension and proportionately reduces the supplementary social benefit, which keeps the pension at the subsistence minimum. As a result, payments received by some pensioners do not increase after the indexation.

The proposed amendments will first increase total payments to the pensioner to the subsistence minimum and provide the indexation of pension afterwards. Pensioners will receive the indexation in addition to the regional pensioner’s subsistence minimum, and the overall payments to pensioners will exceeded the pensioner’s subsistence minimum as a result of indexation of pensions and monthly social benefits of the current year.

An international seminar on the quality of social service and the use of digital technologies by state-run social institutions took place in Moscow on February 12 and 13. The event, which was held under the aegis of the International Social Security Association (ISSA), was attended by specialists of Russian and foreign ministries and agencies, representatives of Eurasian countries, and international experts from Australia, Germany, Denmark, Indonesia, China, and some other countries.