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Pensions in Russia should grow to 70% of salary in future — Accounts Chamber

MOSCOW, August 21. /TASS/. The amount of pensions in real value should be increased by a quarter at the least and make up to 70% of the salary over the long term, head of the Russian Accounts Chamber Alexei Kudrin said on Tuesday.

"We assessed proposals of the government on the retirement age increase. I believe we should set a task now to increase pensions in real value by a quarter at present and by a third subsequently, bringing the replacement ratio [ratio of average pension to average salary - TASS] to 40% at the same time. Considering the voluntary component, the contributory pension makes up to 60-70% of the salary in all countries. We should also set this task," Kudrin said.