Ministry prepares pension savings plan with co-financing

MOSCOW, Dec 9 (PRIME) -- The Finance Ministry has readied a long-term savings program for the Russians preparing for retirement with a state co-financing of up to 36,000 rubles per year and a 2.8 million ruble insurance of the state-invested part, the ministry said in a statement on Friday.

The investments will be controlled by the central bank but envisage an opportunity of signing agreements with several operators to raise the savings volume and diversify risks. The plan envisages up to 52,000 ruble tax deductions per year with up to 400,000 ruble payments per year by a citizen.

"People will thus get access to an instrument allowing them to save extra money for the future (not only retirement, but extreme life circumstances)," the statement read.

(62.5722 rubles – U.S. $1)

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