Putin Moves Pension Increase to December Amid High Inflation
Russian President Vladimir Putin has announced changes to the pension indexation schedule. Pensioners, including military pensioners, will see their pensions increase by 7.6% starting late December, instead of February 1. The exact date for the application of the pension indexation is October 1 each year.
Previously, pension indexation was planned for February 1. However, due to high inflation, Putin suggested considering quarterly indexation. This means that both working and non-working pensioners will benefit from the increase earlier than initially scheduled.
The 7.6% increase will be applied on January 1. However, some pensioners may receive their January pension, already indexed at this rate, in late December. This is due to the extended New Year holidays.
The pension indexation application date remains the 1st of October each year. The increase, effective from January 1, will reach pensioners' accounts starting late December. The government's move aims to mitigate the impact of high inflation on pensioners' purchasing power.
