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State Pensions in Russia to Grow 20% Annually in 2009-2011

 

By Ria Novosti

 

May 14, 2008

 

Russia

 

Average state pensions in Russia are expected to grow 20% annually in the next three years, a deputy economics minister said on Wednesday. 

"The average pension in 2009 is expected to total 5,063 rubles ($212), 6,145 rubles ($258) in 2010, and 7,377 rubles ($309) in 2011," Andrei Klepach told a news conference in Moscow. 

The average state pension in Russia will reach 4,262 rubles ($179) in 2008. However, with inflation continuing unabated, many pensioners in Russia have been left struggling to afford basic goods. 

Klepach earlier said there is a high risk that the Russian government will fail to keep inflation within the projected 10% range in 2008. It soared to 11.9% last year despite the authorities' efforts to keep it within 8%. 

Inflation in Russia stood at 6.5% from January 1 to May 5 and may exceed 1% in May. 


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