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PM announces 46% pension jump
Published: 23 September, 2009, 15:26
TAGS: Investment, Budget, Economy, Finance
Russia will raise pensions by 46% next year, as part of a boost in government spending. Prime Minister Vladimir Putin announced the move at a cabinet meeting on Wednesday.
The Russian Prime Minister also earmarked 1.9 trillion Roubles – that's around $63 billion – for infrastructure projects and modernizing the economy. The government says the economy will start growing again in 2010 after shrinking this year at the fastest rate in a decade, forecasting GDP growth of 1.6 percent next year.
Despite the announcements of increase expenditure the Prime Minister emphasized that fiscal prudence remains a key priority and that the budget deficit will be halved between the end of this year and 2012.
“Our main goal for budgetary policy in the near future is to ensure macroeconomic stability and the continuing decrease of our budget deficit. By the end of 2009 our deficit will be 3.2 trillion Roubles. By 2012 we should halve the deficit to 1.6 trillion Roubles. Any additional income that we get, will be, first of all, sent to cover the budget deficit.”
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1 comment
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I am for fiscal prudence and not developing a benefit culture. But I am also for respect, duty and dignity. The pensioners have had to wait a long time to see some payback from Russia, for what they have given us. This is a sound move, but lets not go down the increased tax route, lets work harder to produce higher tax revenues off the same rate. It is our duty to make it happen as part of paying our pensioners back, for they are worth every penny!
yeah, the pensioners are worth everypenny, after all they are the ones who stayed in russia after all the loyal-less people left, they are the ones who lived pushed russia through hard times like the WW2 era, Afghan war era, Korean war era, cold war and the crisis in the late 1990's. they stayed with russia through thick and thin and showed that these people are the ones that deserve a reward.