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Russia's Pension Fund does not receive major funds from migrants

February 28, 2012, 15:10 UTC+3
A law under which Russian employers are to pay insurance contributions to the pension fund for employed migrants, came into force on January 1, 2012
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MOSCOW, February 28 (Itar-Tass) — The new law binding employers to pay insurance contributions for migrants working for them did not bring significant payments to Russia’s Pension Fund, the organisation’s COB Anton Drozdov said on Tuesday.

A law, under which Russian employers are to pay insurance contributions to the pension fund for employed migrants, came into force on January 1, 2012.

“As of yet, the amount /of money/ is not large,” Drozdov said. “It must be caused by the fact that not everybody is working legally.”

As of yet Drozdov could not name the sum collected for January-February.

“We shall make calculations following the first quarter of 2012,” he said.

The insurance contributions for working migrants go to the insurance part, as foreign citizens cannot have a saving part.

 

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