Russia. Putin suggests using oil windfall for pensions
Russia’s President Vladimir Putin suggested on Thursday to use a part of the accumulated oil wealth to support voluntary pensions saving and capitalise development institutions.
“Part of the money in the National Prosperity Fund should be used to co-finance voluntary pension savings,” Putin said in his annual address to both houses of parliament.
Putin suggested the state should contribute 1,000 roubles for each 1,000 roubles contributed by private individuals in voluntary pension savings schemes.
“Part of the money should be used for capitalisation of development institutions,” Putin, referring to the Bank of Development and other government funds, which should support economic growth through infrastructure investment.
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