Discussed Long-Term Savings Initiative by Yakutsk's Finance Department
In Russia, the implementation of a Long-Term Savings Program (LTS) has commenced nationwide, with the objective of accruing a financial safety net and additional pension supplement. A panel discussion regarding the program's execution in Yakutia was held by the republic's Ministry of Finance, as reported by the Yakutia Information Agency.
Larisa Pavlov, the Deputy Minister of Finance of Yakutia, highlighted the LTS as an effective financial product for the population. She emphasized the integral role of the state, with the program proposed by the government and supervised by the Ministry of Finance, non-state pension funds, and the Bank of Russia.
According to Pavlov, any citizen aged 18 and above can participate, irrespective of employment status. The program may possess particular appeal for self-employed individuals, entrepreneurs, unemployed persons, students, and pensioners.
Co-financing, up to 36,000 rubles per year for a ten-year duration, is a key aspect of the LTS, as pointed out by the deputy minister.
Svetlana Starodubtseva, a representative of Gazfond Pension Fund, underscored that co-financing is accessible to all, regardless of income level, extending government assistance to everyone in Russia. Starodubtseva also noted the advantages of the program, which include tax incentives, increased investment returns, protection of funds, targeted transfers to employees, and payments in specific and life situations.
The primary intended uses for these long-term savings include home down payments, children's education, and retirement planning, according to Starodubtseva.
The LTS program represents a new financial opportunity for Russian citizens, boasting state support, tax incentives, co-financing, and guarantees. The program encourages individuals to save for the future by providing government co-funding alongside their contributions.
The Long-Term Savings Program (LTS) in Yakutia, as overseen by the Ministry of Finance, is being positioned as a beneficial financial tool for the population, particularly self-employed individuals, entrepreneurs, students, pensioners, and the unemployed. This program, offering co-financing of up to 36,000 rubles per year for a decade, is accessible to all citizens aged 18 and above, regardless of income level.
