Putin signs law on long-term savings program for Russians

MOSCOW, Jul 10 (PRIME) -- President Vladimir Putin has signed into law a bill that introduces a program for long-term savings of Russians starting from January 1, 2024, according to the document published on Monday on the website for disclosure of legal information.

Participation will be voluntary and will require signing of an at least 15-year agreement with a private or several private pension funds.

Under the program, the government will provide a tax refund and can make a co-payment of up to 36,000 rubles per year. It will also insure 2.8 million rubles of savings. Spending of the savings will be allowed before retirement in 15 years from contract signing, as an additional income, or fully in case of extreme life circumstances.

A member of the program would also be eligible for a deduction of up to 52,000 rubles per year from the personal income tax if they contribute up to 400,000 rubles to their savings account per year.

(91.6879 rubles – U.S. $1)

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