In January 2024, fixed payments attached to the old-age insurance pensions for Russian retirees who turn eighty in December are set to rise. This update was presented by a member of the State Duma’s Committee on Labor, Social Policy and Veterans Affairs, who noted the changes during coverage by Moscow-based media.
Starting next year, insurance pensions for non-working retirees will see an increase of 7.5 percent. As a result, the guaranteed fixed payment portion will reach 8,134.88 rubles, marking a new baseline for eligible beneficiaries.
For those born in December and celebrating their eightieth birthday, the fixed pension payment will effectively double relative to January figures. Instead of the standard 8,134.88 rubles, those turning eighty will receive 16,269.76 rubles. The expansion of the fixed component is explained as a measure recognizing the greater support needs and possible outside care required by people in this age group.
The adjustment is designed to take place automatically, eliminating the need for individuals to apply for the higher payment. This automatic recalculation aims to ensure timely and consistent support for the most senior retirees.
In related remarks, an economist and professor from a major Russian university overseeing financial policy noted that the insurance pension for retirees who remain employed will not be indexed going forward. If a retiree leaves employment, the indexing process would restart, but not immediately, reflecting a staggered approach to pension adjustments for those who continue to work after retirement.
Previously, there were discussions in Russia about lowering the age at which workers could retire early. These conversations underscore ongoing policy debates about retirement timing, pension adequacy, and how best to balance workplace participation with social support for aging citizens.