Friday, August 18, 2017

Crimea begins recalculation of pension program following annexation

Crimea began recalculating its pension program on Friday following the annexation of the region to Russia in referendum last month.

According to Russia's Ministry of Labor, 677,000 retirees live in Crimea. Pensioners in Crimea and Sevastopol can receive an assigned pension and monthly payment from the Russian Federation Pension Fund. Since April 1st the organization gave participants 25 percent of the assigned pension, Oblastnaya Gazeta reports.

Beginning in 2015 pensioners in Crimea can apply for compulsory social insurance, including pension insurance, through the Russian Federation.

The Republic of Crimea and Sevastopol are currently recalculating the pensions for their inhabitants in compliance with Russian standards. The pension cases for Crimeans will be recalculated prior to Nov. 1, according to Oblastnaya Gazeta.