Officials believe that this will help citizens provide themselves with a «financial safety cushion».
On Thursday, April 27, 2023, the Russian government held a regular meeting where the idea of launching a new long-term savings program for citizens was approved.
Russian Prime Minister Mikhail Mishustin was personally in favor of this initiative, justifying his views by the fact that this idea will help citizens create a so-called "financial safety cushion.
"The new long-term savings program will create an additional impetus for the growth of long-term savings of citizens and the economic development of the country," commented Finance Minister Anton Siluanov.
The program is aimed at citizens of any age category starting from 18 years old and it can be used in the following way: a citizen will sign a contract with a non-state pension fund and then transfer previously formed pension savings to it or transfer individual contributions. In turn, government agencies will engage in co-financing in the first three years (add 36 thousand rubles annually).
All transferred funds may be used after retirement or after a certain period of time after participation in the program.