RUSSIA - Russian pensions will be hiked by an average 7.4-7.5% on 1 August, writes the Prime-TASS news agency in Moscow.
This includes both pension and insurance pension. The average amount of monthly increase will be R121 and the base monthly pension will exceed R600. The average pension will be R1,752 a month.
State Pension Fund chairman Mikhail Zurabov said that the Pension Fund would carry out recalculations to work out the pension scale for working pensioners.
In February, Zurabov said that the total monthly pension increase in 2003 would amount to R265.
Russia now uses two systems to make pension payments: the base pension does not depend on past contributions, while the insurance pension is paid from current contributions and has a limited dependence on the pensioner's past contributions.
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