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Putin on Pension System Reform


Yesterday, President Vladimir Putin held a meeting about the Pension System Reform. The main outcomes are as follows.

Putin supported the idea of shifting 4% of contributions from the funded part to the pay-as-you-go component, but suggested postponing the implementation of this idea until 2014 at the earliest.

Minister of Finance Anton Siluanov mentioned that there was a possibility that individuals themselves would be given the right to choose whether 4% of their salaries would be contributed to the funded part or to the pay-as-you-go part.

Yesterday’s statement is positive and we think that next year, when the low growth and insufficient volume of savings in the economy becomes evident, there might be further steps towards ensuring more contributions to the funded part of the pension system. The recent news is positive for the banking system (the main recipient of pension funds this year) and the financial markets (a higher possibility of strong growth in the local investor base in coming years).

Maxim Oreshkin, Daria Isakova
VTB Capital analyst

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