The Ministry of Finance submits to the government the concept of individual pension capital

MOSCOW, July 25. /TASS/. The Ministry of Finance sent to the government of the concept of individual pension capital which has been coordinated with the Bank of Russia and Ministry of economic development, told TASS in the press service of the Ministry of Finance.

“On 24 July, the Finance Ministry has sent to the government of the Russian Federation concept of the PKI, consistent with the CBR and Ministry of economic development of Russia”, – said the press service.

The representative of Department did not specify whether removed the differences in concept with simloka government and how the concept provides for the subscription of citizens to pension accumulation.

Earlier, Deputy Finance Minister Alexei Moiseyev has said that the concept will be broken down into several bills, one of which requires amendments to the Labour code for the implementation of autopages citizens on pension savings. According to him, not all aspects were agreed with the social block of the government.

The possibility of introducing autopages through the employment contract was questioned representatives of the Ministry of labor: they believed that Russian law means participation in the employment contract only two parties – the employer and the employee, and does not imply third-party – NPF, which will form the accumulation.

The head of the Central Bank Elvira Nabiullina earlier expressed hope that the bill on the IPK will be submitted to Golomu in the near future. According to her, to save the pension savings market in Russia, while “expect the eternal freeze of the cumulative part of pensions” needed a convenient and widely used system of voluntary pension savings.

About the concept

The concept of individual pension capital, developed by the Bank of Russia and Ministry of Finance, implies that contributions to funded pension instead of employers will make the employees themselves.

It was planned that when applying for a job, the citizens will be automatically registered employers in the PKI system. Employers in turn will automatically deduct up to 6% of the employee’s salary to a private pension Fund (NPF) to his personal account. Citizens will be able to unsubscribe, to increase or decrease the amount of deductions.

It is assumed that the system of individual pension assets will earn in 2019.

The Finance Ministry had already introduced the concept of PKI in the government, but it was returned for revision. The main issue was caused by avtoocenka: as reported by the participants in the discussion, objections sotsbloka called it “quasi-mandatory” character.