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The tax deduction will grow, it will be more profitable to save for retirement: Putin’s top 5 economic statements during his message

Date: March 30, 2023 Time: 11:24:45

Putin proposed to provide maternity capital in the new Russian regions retroactively, for children born since 2007.

Photo: Vladimir VELENGURIN

On Tuesday, February 21, Russian President Vladimir Putin delivered a regular address to the Federal Assembly. Much was said about politics, a special military operation and relations with other countries. And, of course, he devoted a large block to economic issues. We have identified and commented on five of the president’s most important economic proposals.

Starting in 2024, the minimum wage will increase to 19,242 rubles

Now the minimum wage is 16,242 rubles. It turns out that from the beginning of next year, the minimum wage will increase by as much as 18.5%.

What does it affect? First, for salaries: starting next year, no full-time Russian should receive less than 19,242 rubles. And besides, the minimum wage affects the amount of some social payments: benefits for pregnancy and childbirth, unemployment, sick leave.

Insurance coverage for voluntary pension savings will increase to 2.8 million rubles

To begin with, let’s explain what kind of animal this is: voluntary pension savings.

On January 1, a law on the creation in Russia of a system for guaranteeing citizens’ own savings in non-state pension funds (NPF) entered into force. In other words, now pension savings are also insured in private funds. And if the NPF, in which you keep the money, goes bankrupt, then this amount must be returned to you. Previously, the amount of pension savings was insured in the amount of up to 1.4 million rubles (as with bank deposits). And then Putin proposed doubling the amount. This will allow you to fearlessly save even more for old age.

Starting in 2024, the minimum wage will increase to 19,242 rubles

Photo: Shutterstock

Tax deductions will increase

Putin proposed to increase the social tax deduction for children’s education from 50 to 110 thousand rubles. And for their own training and treatment – from 120 to 150 thousand.

Remember that now all Russians who receive an official salary have the right to return part of the personal income tax to offset the costs of education and treatment. To do this, you need to write an application to the tax office and attach the necessary documents from an educational or medical institution.

There are other tax deductions – investment or for the purchase of housing. They are still the same.

The Preferential Rental Housing Program for Defense Industry Employees

– I propose to launch a special program of preferential rental housing for employees of defense industry enterprises (military-industrial complex, – Ed.). The rental rate for them will be significantly lower than the market rate, since a significant part of the payment for housing will be covered by the state. I order to work on all the details of this program and without delay to start the construction of such rental housing,” Putin said. Pointing out that he had already discussed this issue with the government.

What is affordable rental housing? This is a rented apartment, the rent for which is partially paid by the state or a state company.

– First of all (these houses will be built – Ed.) in our important defense, industrial and research centers, – the president emphasized.

It can be Nizhny Novgorod, Sverdlovsk, Kaliningrad, the Tula regions, Udmurtia, etc.

It can work, for example, like this. An employee of a defense company rents housing for 50,000 rubles a month. Half of this amount is paid by the employer. And then the company is compensated for this amount from the budget.

Matkapital for new regions

Putin proposed to provide maternity capital in the new Russian regions retroactively, for children born since 2007.

Remember that now the maternity capital in Russia is equal to:

For the first child: 586 946 rubles

For the second child, if they did not receive for the first – 775,628 rubles

For the second child, if payment was received for the first – 188,681 rubles


About nuclear weapons, special operations and new benefits: what Vladimir Putin said in his message of February 21, 2023 – the main theses of the speech

Vladimir Putin’s message to the Federal Assembly promised to be special. The last time the president addressed deputies and senators was almost two years ago. But it is clear that the words of the head of state will be addressed not only to parliamentarians, but to all residents. (further)

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.

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