Financial mechanisms for determining the size of pensions should be clear to people, Russian Prime Minister Dmitry Medvedev said at a meeting of the extended board of the Ministry of Labor and Social Protection. “We need financial mechanisms that are understandable and accessible to people. That is why a new pension formula is being discussed,” he said.

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The principle of calculating pensions should become an additional incentive for people to continue working after reaching retirement age, the prime minister noted. According to approved at the end of 2012 strategy for the long-term development of the pension system, the size of the old-age labor pension should increase to three subsistence levels in the next 15 years, D. Medvedev recalled.

In addition, the new pension formula should stimulate legal employment and receipt of legal income, D. Medvedev noted. He is confident that special attention needs to be paid to the development of the employment service in the Russian Federation, as well as to the growth of wages for social workers.

It is necessary to make investing pension savings profitable. “The non-state pension system should be developed, made effective, reliable, without any loopholes for those who want to warm their hands on this money,” the prime minister said. He added that the day before the government approved a bill that increases the responsibility of non-state pension funds to clients.

The Prime Minister said the day before that maximizing the preservation of pension savings remains one of the main tasks of the state. “The point is that our people are not afraid or embarrassed to trust their savings to private pension funds. Employees of these funds and their agents are working to attract new clients, but, as in any area that concerns finance, there are abuses. For example, , the use of various databases with personal information to conclude fraudulent pension insurance contracts and a number of other problems,” D. Medvedev pointed out.

Dmitry Medvedev called for making pensions clear to people