Pension savings allow citizens to influence their incomes, and the economy - to receive an investment resource. For two years in a row they succumbed to temporary “conservation”. The moratorium was extended to 2016. More details about what it means to “freeze pension savings” and what this threatens the country's economy and population with, read on.
Reform Data
From the income of employed persons, 22% is monthly transferred to insurance funds. Of these, 6% goes to the formation of savings, and the remainder - to retirement. At the request of citizens, the entire amount can be directed to the formation of a pension.
Persons born before 1967, accumulations are also formed at the expense of voluntary contributions, maternity capital funds. For working citizens, all contributions are sent to the formation of a pension. Persons born after 1966 could independently choose the distribution of contributions. Then the reform underwent changes. For the third year in a row, all deductions from employed citizens have been directed to the formation of a pension, not savings.
Deficit coverage
There are two ways to patch up budget holes. The first is to reduce social obligations and index payments by 4.5%. The budget will not pull this option, while the actual inflation rate is 11.9%. The second is to reduce current social obligations, index future ones by 7%, and also impose a temporary moratorium. What does it mean to freeze pension savings?
Background
The extension of the freezing of pension savings is discussed in the government whenever the issue of budget execution is raised. The first such decision was made in 2013. When they started asking questions about what it means to “freeze pension savings for the year 2014”, the government explained that this was a temporary measure aimed at checking NPFs. Then they said that in 12 months the moratorium would be lifted. But it didn’t work out. In 2015, the funds were allocated for anti-crisis measures, and more precisely - to the Crimea. In addition, they did not manage to complete the audit for the year. In the spring, they began to think about what threatens to freeze pension savings for the third year in a row, and decided to lift the moratorium. But again it didn’t work out.
What is the essence of freezing pension savings
The moratorium lasts one year. Accumulations are a guarantee of long-term sustainability of the entire system. By imposing restrictions on them, the government is trying to patch up holes in the budget. What does it mean to “freeze pension savings”? Contrary to popular belief, this measure does not mean the abolition of savings. According to the Ministry of Finance, in 2016 it is necessary to reduce costs by 576 billion rubles. or find an additional source of funding. Then it will be possible to meet the planned deficit of 3% of GDP. Otherwise, in 2017-2018. state reserves will be drastically exhausted. How can I understand?
Freezing pension savings is the only way to finance the state budget. In formulating costs, the authorities have to severely save money. Due to the prolonged five-year deficit, there are not so many ways to balance the budget. As one of the options, an increase in the tax burden on oil companies is considered. Such a measure should help transfer funds from developed sectors to new projects.
Other options for solving the problem were also considered, for example, increasing the severance tax, reducing the indexation of pensions to 4%, refusing to pay old-age social benefits to working pensioners whose annual income exceeds 1 million rubles. At the state defense order, it was possible to save from the planned 223 billion rubles. only a couple of dozen. It is good that so far the issue of raising the retirement age has not been discussed.
In theory, there is a version that funds can also be directed to finance projects of state-owned companies, to help restart the economy. In practice, this option is not implemented. Funds are used for patching holes in the state budget.
Double punch
Half of 1.7 trillion rubles. NPF funds were invested in corporate bonds. In 2015, 200 billion rubles were allocated to the economy. accumulations. Freezing will only worsen the situation.
The blow will be double if the savings will be directed to expenses, and not to finance the deficit. The budget for 2016 includes a sharp increase in the volume of borrowings (from 30 billion rubles to 500 billion). The state is a more attractive borrower for banks. This infringes on the interests of companies that would like to take development loans. Incomes of the population will continue to decline, and the pension will not be indexed to the level of actual inflation in the next three years. It turns out a vicious circle.
What else threatens the freezing of pension savings for citizens? Inhibition of the country's economic development, loss of confidence in a pension institution. It is not known which of these options is worse.
Benefits
Having figured out what it means to “freeze pension savings”, we turn to the question of what this will give. According to the plans of the Ministry of Finance, in 2016 this measure will make it possible to finance the budget by 344 billion rubles. over the next 3 years (up to 2018 inclusive) by reducing the transfer of FIUs. But what exactly the saved funds will be directed to is not specified.
Results Achieved
During the first moratorium in 2014, the savings were used to pay current pensions. It was also planned that part would go to replenish the anti-crisis reserve. In fact, the funds were used to support the Crimea.
In 2015, the transfer from the federal budget to the PFR will amount to 2 trillion rubles. (30% of pension expenses). It increased twice. At the beginning of the year, 285 billion rubles. It was aimed at indexing pensions to the level of actual inflation, which turned out to be very high due to the currency crisis, and to compensate for lost contributions. In the fall, another 124 billion rubles were required. for the same purposes: due to “sagging” earnings, contributions are practically not increasing.
Freezing is not the final way out
The crisis of the pension system worsens from year to year. In 2014, a deficit of 6 billion was covered by almost half (2.4 trillion rubles). Indexing will require even more funds. They are not in the budget. Therefore, the opposite measures can be taken - increasing the retirement age, reducing payments, stimulating a late exit on well-earned leave, etc. By freezing savings, the state does not receive “live” money, but simply reduces the number of current debt receipts. If the government decides to reduce payments (guarantees), the level of confidence in the pension system among citizens will become less. This will quickly reflect on labor productivity, production growth rates. Therefore, this measure, even in the government, causes protests.
2016 plans
The indexation of social benefits is carried out taking into account the projected inflation rate of 6.6%. A more substantial increase in payments is impossible due to the unstable demographic situation: the number of able-bodied people is reduced, and the number of pensioners is growing.
The average amount of payments in 2016 will be 13.2 thousand rubles. After the introduction of the 2014 reform, the experience includes such periods as childcare, disabled people, and military service. With the new scheme, you can get a premium of 500-700 rubles. Elderly workers, whose annual income will exceed 83 thousand rubles, will be deprived of payments, but will retain all the benefits. Disabled pension is calculated based on the group, as well as EDV (monthly cash payments). From January 2016, it will be indexed by 10%. The increase in payments will be: I gr. - 900 rub., II gr. - 500 rubles., III gr. - 400 rub.
Since 2012, military pensions have been increasing regardless of the economic situation. For 2016, an increase of 7.5% is planned. At the same time, a 2% allowance will be canceled, payments will be made for the length of service. There is one more innovation. If, after the service, military pensioners go to work for a “citizen”, then accrual will be carried out according to the usual length of service, without allowances.