RUSSIA - Health and social development minister Mikhail Zurabov has proposed excluding the saving component from the mandatory state pension insurance and urged people to set up private pension plans.
In an effort to ease pressure from the state PAYG system, Zubarov has made proposals that would significantly change the pension reform procedures in Russia.
Currently, those who have not made alterior arrangements see pension contributions being transferred to the Vneshekonombank and held in personal accounts.
Zubarov has suggested ending that practice by 2008, thus forcing the public to take charge of their personal pension accounts.
“Those willing to save had better do it on their own behalf,” the minister said.
His goal is to create a two-tiered pensions market as of 2013 – with one pillar, the PAYG system, being run by the state and the other represented by the private sector.
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