The Finance Ministry has approved the unfreezing of pension accruals

The Finance Ministry has approved the unfreezing of pension accruals

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Deputy Finance Minister of Russia Alexei Moiseev

Photo: Oleg Yakovlev/RBC

Deputy Finance Minister Alexei Moiseyev said the government may consider a partial unfreezing of pension accruals in case of increase in oil prices to $80

In the next three years to unfreeze the pension accumulation is not planned, said Deputy Finance Minister Alexei Moiseev reporters on Friday. And added that this issue will be addressed in the event of an increase in oil prices to $80 per barrel, reports RBC.

“If oil will be $80 if the budget situation will develop in such a way that the opportunity appears, then we can envisage the possibility of partial thawing. For example, 4% of premiums in the insurance, and 2% to the funded part of it,” said Moses.

As previously wrote RBC, in September, the Ministry of economic development suggested to partially thaw the accumulative component of pension and transfer in 2017 in the funded part of the 1% rate instead of the law of 6%.

But in early October the budget Commission of the government of Russia approved the extension of the moratorium on contributions to the funded part of the system of mandatory pension insurance in 2017-2019. The head of the Pension Fund of Russia (PFR) Anton Drozdov said that legally a three-year moratorium will be issued the new law, which will be submitted to the Duma together with the budget package of bills.

In early September, Russian President Vladimir Putin called the current world market oil prices are “unfair”. At that time, the cost of a barrel of Brent was about $47, a month later, the price rose above $53.

The Ministry of economic development there are two main variant of the forecast for oil prices in the next three years. Base that is taken into account when preparing the budget assumes that the price per barrel will be $40 for all three years. A more optimistic forecast “basic plus” envisages an increase in the average price of a barrel in 2017 to $50, and in 2018-2019-up to $55.