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The Ministry of Economic Development expects from Russians 1 trillion rubles of savings
The Ministry of Economic Development predicts that Russians should bring one trillion rubles in the new system of voluntary pension savings (“guaranteed pension plan”) in 2021. According to the department’s plans, annually the inflow of new money to private pension funds at the state pension fund will amount to 0,6-0,8 trillion rubles during the period from 2022 to 2024 of the year.
As the RBC, it is expected that the law on the guaranteed pension plan will be adopted by 1 on July 2020. The system itself will be launched from 2021 of the year. The ministry estimates that the amount of voluntary pension contributions accumulated in the system will increase from 0,96 trillion rubles in 2021 to 1,54 trillion in 2022 and in 2023 and 2024 to 2,2 trillion and to 3 trillion rubles, respectively.They want to introduce a new funded pension system that the Russians have the opportunity to save up for a future pension through personal contributions from salaries to non-state pension funds. Participation in the GPP system will be voluntary, the amount of deductions can be any.