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Putin suggests investing pension savings directly into banks

January 30, 2012, 11:43 UTC+3
Prime Minister Vladimir Putin has suggested investing citizens' pension saving funds directly into banks to ensure returns on the investments
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MOSCOW, January 30 (Itar-Tass) —— Prime Minister Vladimir Putin has suggested investing citizens' pension saving funds directly into banks to ensure returns on the investments, the prime minister said in an article titled " Our economic tasks" published in the Vedomosti newspaper.

Putin called to introduce state mechanisms of ensuring safety and profitability of pension saving bank accounts and try new forms, in particular, opening pension saving bank accounts directly at the banks. Support to the formation of such "long money" should be a priority in the following 10-15 years, Putin said.

It is a long process, and one should not worry if it does not yield result immediately, Putin warned. "We have the main conditions to make it a success - Russia has a quickly growing middle class, which is prepared to invest their money in better medical services, better housing and higher pensions. The task of the state is to ensure that their money does not burn down," Putin said.

Addressing the representatives of the opposition, Putin specified that the idea suggested does not imply "that we might to some extent depart from the system of free education and health services or stop raising the existing pensions."

"Today, the population's money practically does not work on the capital market," Putin said. This means that the population receives no income share from the economic growth and growing capitalization of the economy, Putin explained. He suggested creating programs for involving the population’s money into investments through pension, trustee funds and collective investment funds.

"We should create conditions ensuring that " long money" should be raised inside the private sector of the Russian economy in the form of steadily growing savings of private citizens, including their pension savings," Putin said in the article.

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