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Central Bank will present new pension support system within month

October 07, 2015, 21:58 UTC+3
This will be the system making possible for citizens to have a "normal replacement ratio," First Deputy Chairman of the Central Bank said
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© TASS/Artiom Geodakyan

NEW YORK, October 7. /TASS/. The Bank of Russia in cooperation with the World Bank is developing the new pension support system that will be an alternative to the funded one, First Deputy Chairman of the Central Bank Sergey Shvetsov said on Wednesday.

"We are currently working on the new system, we are not yet ready to present it but I think we will do so in the coming month. The World Bank will be engaged for consulting," Shvetsov said.

This will be the system making possible for citizens to have a "normal replacement ratio," Shvetsov added. "We are trying to develop an alternative that will be less costly for the budget but no less efficient from the standpoint of the amount of raised funds of the population for further increase of the replacement ratio," he said.

The system most probably will not be fully voluntary, Shvetsov added.

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