10:30 GMT +320 September 2018
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    MOSCOW, April 9 (RIA Novosti) - The government must give up its intention to cancel the accumulating pension system for citizens over 37, Alexander Shokhin, a member of the Russian Union of Industrialists and Entrepreneurs (RUIE) Board told journalists Friday.

    "I hope the state will find another way of fiscal compensation for tax reduction," Mr. Shokhin said.

    In his words, a proposal was voiced at a yesterday meeting of Prime Minister Mikhail Fradkov with RUIE management to give up the government's idea to compensate for the reduction of the unified social tax at the expense of cancellation of the accumulative pension for citizens aged 37-51.

    "The government failed to notice that it canceled a working mechanism," Mr. Shokhin said, recalling that many citizens aged over 37 last year transferred the accumulative part of the pension to management companies.

    Mr. Shokhin believes that the government, the same way, may just take back its promise to additionally pay two thousand rubles (some $65) to those who voluntarily transfer the accumulative part of the pension to the Pension Fund. "By the cancellation of the accumulating pension system for people aged over 37, the government showed that it can cancel something else as well," he said.

    "The people's trust in the authority is hard to form but easy to destroy," Alexander Shokhin emphasized.

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