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Amendments to pension laws will require extra funding, Putin says

In turn, the Finance ministry noted that the presidential amendments will require additional 500 billion rubles in the next six years

© AP Photos/Dmitri Lovetsky

MOSCOW, October 2. /TASS/. Presidential amendments to pension laws will require extra funding from the budget, Russian President Vladimir Putin said on Tuesday at a meeting with the government.

"There is one more sensitive issue. The government assumed when planning the pension reform that there would be a positive financial result from these activities during several years. However, it has become clear after approval of presidential amendments that these activities for changes in the pension system will not generate any revenue. On the contrary, the government should finance presidential amendments," Putin said.

The Russian Finance Ministry will indeed increase transfers to the Pension Fund of Russia because of presidential amendments to pension laws, First Deputy Prime Minister Anton Siluanov said in his turn. These transfers will total about 100 bln rubles ($1.5 bln) at first, while introduction of presidential amendments will require more than 500 bln rubles ($7.7 bln) in general for six coming years.

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