Changes in the Russian Legislation

Since January 1, 2013 a new system of insurance contributions tariffs for obligatory pension (superannuation) insurance were established. Amendments made in the pension law were aimed at the optimization of expenses and assurance of the Pension Fund budget balance. 

Law introduced changes to the Federal Law «On obligatory insurance in the Russian Federation», Federal Law «On insurance contributions to the Pension Fund of the Russian Federation, Social Insurance Fund of the Russian Federation, Federal Compulsory Medical Insurance Fund and Regional Compulsory Medical Insurance Funds», Federal Law «On individual (Personified)   enumeration in the system of the compulsory pension insurance», Federal Law «On labor pensions in the Russian Federation» and other legislative acts.

Adopted Law provides in particular:

• establishment of the differentiated additional tariffs of the insurance contributions to finance insurance part of the labor pension depending on the type of work where insured persons are occupied (for instance, for underground works, works with harmful work conditions, in the hot workshops in 2013 – 4 percent, 2014 – 6 percent, beginning from 2015 – 9 percent; at works with excess intensity and severity that permits the right to obtain pre-term retirement, in 2013 – 2 percent, in 2014 – 4 percent, since 2015 – 6 percent).
• imposition of a fixed tariff of insurance contributions for compulsory insurance and insurance for self-engaged persons in percentage of the minimum wage rate;
• since January 1, 2014 afford an opportunity to select an option of the retirement income for persons younger than 1967 year of birth (in case of choice of the broadened investment portfolio of the state management company or investment portfolio of the government securities, a possibility to submit funds to finance accumulative part of the labor pension at the rate of 6 percent or 2 percent of the individual part of the insurance contribution tariff is being provided).

From January 1, 2013 minimum wage rate in the amount of 5205 rubles per month is set.

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