Moscow Pensions rise to cover inflation

The Pension Fund of Russia says the average Moscow pension has climbed 8.89% over the first 9 months of 2011 to reach 8900 roubles per month.

­According to the PFR, the number of pensioners in the Moscow region has increased 1.5% or by 65 thousand people since April 2011.

“As of October,1 the number of retired people in Moscow and Moscow region has reached 4.525 million people whereby 2.65 million of retired people are registered in Moscow and  1.87 are from Moscow region,”
It added that increases in the Moscow pension this year had increased by just under 9%.
“The increase in the average size of pensions for the first nine months of 2011 amounted to 763 roubles in Moscow and 770 roubles in the Moscow Regions. The average pension in Moscow stands at 8.9 thousand roubles and 8.8 thousand roubles in the Moscow regions,”

About 700 billion roubles, or more than 40% of Moscow state budget expenditures, will be spent on social support in 2012, Alexander Semennikov, chairman of the Moscow City Duma Committee on Legislation said on Tuesday, when the Duma Committee on Budget and Taxes meeting on Tuesday discussed the draft budget for 2012-2014.

In 2012 around 2.893 trillion roubles should be distributed, up 23.5% year-on-year, with the monthly pension rising to 9264 roubles in 2012, 10115 roubles in 2013 and 11061 roubles in 2014.
More than 72% of pensioners in Moscow and Moscow region, receive pension of more than 7000 roubles.
Oleg Fomichev, Deputy Economic Development, said the consumer price growth in Russia in 2011 will slow to 6.5% from 8.8% last year and assured moderate inflation

“Inflation is decreasing; it will be 6.5% at the end of the year and will continue to decline in coming years. We do not see any reasonable negative factors leading to accelerated growth of inflation; moreover, we believe inflation will not be more than 4.5% in 2014”

This year, the Moscow authorities decided to open a section on the site of the Government of Moscow, where public access to Moscow draft budget for 2012-2014 will be provided.

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