Russia to get technical help from Quebec Pension Plan ideas - Income Security - Brief Article

Community Action, July 15, 2002

MOSCOW -- The Caisse de depot et placement du Quebec is engaged with the Russian Ministry of Economic Development and Trade in a project reforming the pension program in Russia. The International Development Agency, is contributing $580,000, Canadian International Cooperation Minister Susan Whalen announced.

In 2001, the Russian Parliament approved several laws to establish a pension plan similar to the Quebec Pension Plan. Russia requested that the Caisse de depot et placement du Quebec provide its Ministry of Economic Development and Trade with technical assistance in two areas of the pension reform process.

The Caisse de depot et placement du Quebec is providing technical assistance to the Russian ministry to help it adapt current methodologies to internationally recognized standards and create the institutional structures to put into practice the laws governing the new pension plan.

These reforms to the Russian pension system aim to assist in increasing the rate of return individuals can expect to earn on their social security contributions, allow individuals to assume greater responsibility for their well-being, and give those who are less well-off a chance to accumulate some financial assets.

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