President Vladimir Putin of Russia has signed into law a measure to increase military pensions by 5.1%, up from the initially proposed 4.5%.
Increasing Military Pensions
According to Lenta this decision, published on the legal information portal, will take effect from October 1, 2024.
The adjustment means that the monetary allowance used to calculate pensions will now be set at 89.83% of the specified allowance, up from the previously planned 89.32%.
This move follows the passage of a bill by the State Duma on July 4, which approved the 5.1% increase in military pension indexation after its second and third readings.
Increase of 600 rubles
Svetlana Bessarab, a member of the State Duma Committee on Labor, Social Policy, and Veterans' Affairs, explained earlier that the average increase of 600 rubles in pensions for military retirees is expected following the indexation. Initially, the proposed increase was lower than the final approved amount.
The adjustment in military pensions comes amidst broader economic considerations and aims to alleviate financial pressures on retired servicemen and women. It reflects ongoing efforts by the Russian government to address social welfare concerns within the armed forces, particularly amidst economic challenges and changing geopolitical landscapes.
