Every year, pension payouts in Russia are adjusted to reflect the expected rise in the cost of living, including food, non-food goods, and essential services used by retirees. The adjustment occurs gradually according to official forecasts, and the process is monitored by state authorities and reported by major media outlets.
In November 2023, President Vladimir Putin approved a law that raises pensions for non-working retirees by 7.5 percent (Federal Law No. 540 of November 27, 2023). Under this law, the insurance portion of the pension for non-working citizens in 2024 will increase by 1,572 rubles. After recalculation, the average payment for non-working pensioners is projected to reach 22,605 rubles, while the average old-age insurance pension will rise by 1,631 rubles to 23,449 rubles.
Additionally, starting January 1, the fixed contribution to the insurance pension increased by 7.5 percent, rising from 7,567.3 rubles to 8,134.9 rubles.
More than 32.6 million unemployed retirees, including military retirees, will be affected by the pension increase. Payments are automatically recalculated, and there is no need to contact the Russian Social Fund to receive the updated amounts.
Pensions for individuals over 80 years old and for those with Group I disabilities were also raised. When a pensioner reaches age 80, the fixed payment to the insurance portion of the pension is doubled. In March 2024, residents turning 80 in February will receive a double fixed payment amounting to 16,269.76 rubles for the old-age insurance pension.
People with Group I disabilities will also receive a fixed payment equal to twice their disability insurance pension.
Previously reported guidance noted that Russians planning retirement in 2024 can estimate their payments using an individual coefficient. A personal rate is required to calculate the pension for the current year. It is also essential to account for the cost of the pension coefficient, which stands at 133.05 rubles, while the fixed payment remains 8,134.88 rubles.
In summary, many Russian retirees will see automatic adjustments to their pensions in 2024, reflecting both general price-index movements and targeted increases for older and disabled beneficiaries. The changes aim to maintain purchasing power amid rising living costs while ensuring that groups with higher needs receive appropriate support.