Russia’s Ministry of Labour and Social Protection to prepare bill to ratify ILO Social Security (Minimum Standards) Convention
Russia’s Ministry of Labour and Social Protection will prepare a bill to ratify the ILO Social Security (Minimum Standards) Convention, 1952 (No. 102) already next year, Deputy Minister Andrei Pudov told TASS after a meeting of the ministry’s Public Council that discussed the preparation of documents for ratification.
19 December 2014
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The convention set rules for paying old-age, invalidity and survivors’ benefits with regard to the income replacement ratio, he said, adding that under the document the replacement ratio in each member-country that had ratified the Convention should be no less than 40 percent of individuals’ income. This ratio is calculated as a correlation between pension and previous income of the beneficiary. It depends on individuals’ work record and earnings, insurance contributions, retirement age and the country’s pension formula.
“Russia needs to ratify this Convention within the framework of its pension reform. In particular, it needs this to harmonize its laws with the fundamental international and European standards,” Pudov said, adding that by ratifying the Convention Russia would pledge to abide by the recognized international standards, “what is vitally important for the country’s population and what will exert positive influence on citizens’ social well-being.”
Source: pensionreform.ru
“Russia needs to ratify this Convention within the framework of its pension reform. In particular, it needs this to harmonize its laws with the fundamental international and European standards,” Pudov said, adding that by ratifying the Convention Russia would pledge to abide by the recognized international standards, “what is vitally important for the country’s population and what will exert positive influence on citizens’ social well-being.”
Source: pensionreform.ru