Deputy Chairman of the Central Bank said that it is too late to help pensioners

2021-09-23

In his speech at a meeting of the Federation Council Committee on Economic Policy, Sergei Shvetsov, the first deputy chairman of the Central Bank, said that it’s too late to help present pensioners. According to Shvetsov, everyone should accumulate funds on which they will live after retirement; it could be investments in private pension funds, insurance companies or the purchase of real estate.

Also, the deputy chairman of the Central Bank said that it’s the socialist system under which the state pays pensions, while under capitalism people must take care of their future themselves.

The statement of such a high-ranking official contains two important facts. First, the authorities directly state that pensioners should not count on any new support measures. Of course, on the eve of the elections, they will still throw handouts from the master’s shoulder, but only then. Further, the present pensioners will see a gradual decrease in subsidies, the abolition of benefits and a decrease in the size of pension indexation. Secondly, it finally becomes clear that the government has chosen to liquidate the existing pension system. Sooner or later, the very concept of retirement age and retirement system will be eliminated, and citizens will have to save money directly from their salaries.

Even the current size of the indexation of pensions practically does not cover inflation. So, in January 2021, pensions were indexed by 6.3%, while the growth in consumer prices for goods and services amounted to 5.19%, while food prices increased by 7.57%. Meanwhile, when discussing the raising of the retirement age, the authorities promised an annual increase in pensions by an average of 1,000 rubles. As we now see, this was a lie, designed to somewhat soften the mass discontent.

Thus, the authorities officially refuse any social guarantees for workers. At the same time, we were officially told that under capitalism, everyone should think about themselves and not expect help from the state. There is a certain healthy grain in this. Indeed, workers should not rely on the state. They need to rely on themselves, to fight for their interests, so as to create their own socialist state which will provide them with a decent life at any age.