Social security pensions should be indexed to real inflation of 9.5% by February. This instruction was given by Russian President Vladimir Putin at a meeting on economic issues.
He also noted the need to achieve moderate inflation and avoid imbalances in the economy.
The head of state's opening speech lasted 10 minutes. Then the meeting continued behind closed doors.
"Overall, last year was quite successful for the Russian economy. The main macro indicators, thanks to the calculated and responsible actions of the state and the business community, are in a positive direction," Putin said.
The Russian budget deficit in 2024 amounts to 1.7% of GDP, which is “an acceptable level, especially against the background of the state of public finances in the so-called developed economies“.
Russia's non-oil and gas revenues have grown by 26%: “This is almost 800 billion rubles more than the government expected in the fall. This means that this year a reliable revenue base is being formed for the state treasury, which is much less depending on the external situation on the commodity markets“.
Additional revenues to the oil and gas budget last year amounted to 1.3 trillion rubles: “This will allow us to maintain the volume of the National Welfare Fund“. It is important for Russia to continue to ensure the stability and sustainability of public finances.
The Russian authorities must respond to accelerated inflation: “I want to note that inflation turned out to be higher than the government forecast. This situation certainly needs to be responded to”.
It is necessary to achieve moderate inflation and avoid imbalances in the economy: “Here it is important to closely monitor the state of demand, its sectoral structure, as well as the volume of lending.“
Insurance pensions must be indexed to real inflation of 9.5% as early as January, and the additional payment should be made in February. Military pensions, along with social security payments, should be indexed to real inflation “retroactively“.
The Russian banking sector feels confident and has the necessary resources to finance the economy.