Russia to allocate bulk of R600bn to pension funds; delays pension tax

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RUSSIA - The Russian government will allocate an extra R600bn (US$17.9bn) for social needs, the bulk of which is intended for pension and other off-budget funds, said Prime Minister Vladimir Putin in his speech to the state Duma yesterday.

Putin also delayed plans of a tax increase that would partially fund the pension system for one year. Putin had previously said he planned to increase pension payments by 30% by the end of the ...

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