MOSCOW, April 1 (RIA Novosti) - Old-age pensions in Russia will grow 8.5% to 3,362 rubles (about $129.3) from April 1, the head of the Russian Pension Fund said Sunday.
Despite Russia's recent dramatic petroleum-led economic growth, an estimated 20% of the population still lives in poverty. The minimum monthly pay is 1,100 rubles ($42), but at least 10% of public-sector workers have to survive on wages below that level.
"Under the Russian government's resolution, the basic pension rate will rise 7.5% and the pension's insurance part will grow 9.2%," Gennady Batanov said.
The new pension rise will benefit 38.3 million pensioners in Russia's 142.2-million population.
The next increase in pensions in expected in October 2007, Batanov said.
