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PM approves insurance year value at over RUB 16,239 for 2013

The value is approved by the government annually

MOSCOW, January 19 (Itar-Tass) – Prime Minister Dmitry Medvedev has signed a resolution that approved the value of the insurance year of 2013, the government press service said on Saturday, January 19.

The document sets the value of the insurance year of 2013 at 16,239 roubles 60 kopecks. The value is approved by the government annually.

The value of the insurance year is a sum total of monetary means determined as a product of the minimum wage set by a federal law as of the beginning of a new fiscal year and the rate of the insurance premium payable to the Pension Fund set in accordance with Article 12(2) of the Federal Law “On Insurance Contributions to the Pension Fund of the Russian Federation, the Social Insurance Fund of the Russian Federation and the Federal Fund of Mandatory Health Insurance” increased 12 times.

Based on this sum total, the amount of inter-budgetary transfers from the federal budget is determined for the Pension Fund to compensate it for expenses incurred by the payment of occupational pensions as provided for in the law.

When determining the value of the insurance year of 2013, the minimum wage set by the Federal Law “On the Minimum Wage” as of January 1, 2013 in the amount of 5,205 roubles, and the rate of insurance contributions to the Pension Fund in 2013 in the amount of 26 percent.

No additional appropriations from the federal budget will be required for the implementation of the resolution.

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