The Russian Government moved to widen retirement payouts through a law passed by the State Duma in its second and third readings. Beginning January 1 2024, non working retirees are set to receive a 7.5 percent raise in their pensions. The measure sits within a package that also includes the federal budget for the country and the extrabudgetary fund plans for the years 2024 through 2026. The document specifies that the fixed payment component of the insurance pension, which is a monthly cash payment intended to compensate for earnings lost during a person’s working life, will be raised to 8134.9 rubles. Initially this component was slated to increase from 7567.3 rubles to 7915.4 rubles, but the revision aligns the pension growth with inflation so retirees see larger, more stable monthly payments.
As a result, the average insurance pension is projected to grow by 1,572 rubles, reaching 22,605 rubles, while the old age pension is expected to rise by 1,631 rubles to 23,449 rubles. This update aims to improve the financial security of retirees by providing a more predictable income in the face of rising living costs.
Officials stated that the draft federal budget already accounts for the funds needed to support retirees, with additional expenditures in 2024 estimated at about 234 billion rubles. Vyacheslav Volodin, the speaker of the lower house of parliament, emphasized that the government has allocated the necessary resources to sustain pension growth for seniors. The State Duma spokesperson added that more than 32 million Russians would see higher pensions come the new year, and the president has directed the authorities to ensure retirees receive a fair and reasonable level of support.
In addition, the law provides a separate increase for military personnel and those in equivalent roles. As of October 1, 2024 the pensions of service members will go up by 4.5 percent, affecting more than 2.7 million people. Officials noted that this step reflects a longstanding duty to support those who safeguard the country. Past measures have included substantial gains for military retirees in 2022 and again through October 1 of this year, underscoring a broader commitment to secure compensation for those who served.
What this means for eligible veterans and retirees is a continuing trend toward higher, inflation aligned benefits that make retirement more affordable in the context of Russia’s broader social security framework.
What other payments will be indexed?
The year 2024 will also see increased payments for pregnant Russian women. The maximum temporary disability benefit will rise, reaching up to 122 thousand rubles per month, up from the current cap of 83 thousand rubles. The maternity benefits schedule is expanding as well; the top maternity allowance will climb to 565 thousand rubles from 383 thousand. Child care benefits for children under one and a half years of age will rise from 33.2 thousand rubles to 49 thousand rubles, with final benefit amounts tied to the recipient’s salary.
Additionally, maternity capital and monthly benefits for veterans, disabled people and radiation victims will be indexed in line with the inflation rate. These adjustments reflect an overarching objective to maintain the real value of social support throughout the year.
Overall, the package envisions broader indexing across various social programs so that beneficiaries experience steadier purchasing power as prices change through the year.
There will be no 13th pension
Earlier in the year a proposal from Deputy Chairman of the State Duma from the LDPR party suggested a one off 13th pension for retirees before their birthday. The rationale was to help retirees who may struggle to host a celebration on their own. The initiative did not receive government backing and therefore did not move forward.
There have been past discussions about presenting the pension as an annual lump sum at the start of the year, but the State Duma ultimately decided against it because pensioners receive varying levels of compensation for lost wages. This reflects the complexity of aligning annual windfalls with the diverse earnings histories of millions of retirees.