STRELNA, September 6 (Itar-Tass) - Russia’s Labour and Social Protection Ministry plans to submit bills on a new pension formula to the State Duma for consideration in September.

“We plan to submit all bills to the State Duma in September, because they should be coordinated with the draft federal budget,” Labour and Social Protection Minister Maxim Topilin told a news conference on the sidelines of the G20 summit adding that they also should be synchronized with the Pension Fund’s draft.

The bill on a new pension formula includes several documents. “This is not only a pension formula, this is the whole package of laws related to the pension formula,” he said. “Now time and effort taking daily work on the bills’ wording is underway.”

Topilin reiterated that no pension age increase was needed in Russia. “We have repeatedly mentioned that at this stage of our country’s development and in those conditions that exist from the point of view of demography, life expectancy and population structure no pension age increase is needed,” he said.