Companies will encourage employees to save for retirement
In Russia, they plan to launch tax incentives for employers who co-finance the personal income tax of their employees. The authorities positively assess this initiative, Anatoly Aksakov, head of the State Duma Committee on the financial market, told Izvestia. He admitted that this measure will work as early as 2026.
The upcoming innovation will allow companies to take into account employee contributions as their expenses, explained Sergey Belyakov, President of the National Association of Non-Governmental Pension Funds. This way they will be able to reduce the base when paying income tax.
Russian President Vladimir Putin proposed introducing a tax incentive for businesses that co-finance the long-term savings program for their employees back in June 2024 at the SPIEF. This initiative was recently approved by the Government's commission on legislative activity.
The new benefit will allow the employer to co-finance the accounts of its employees' long-term savings programs within 12% of the payroll of all staff, said Sergey Belyakov from National Association of Non-Governmental Pension Funds.
The introduction of tax incentives for employers can significantly accelerate the growth of the number of participants in the PDS and the volume of investments in the program. This is a real economic benefit for businesses by reducing the tax burden, which is especially important when salary indexation is limited, said Ruslan Westerovsky, Senior Vice President and Head of Wealth Management at Sberbank.
Currently, 46% of companies are ready to support the participation of employees in the long-term savings program as can be seen from a study by Sberbank of Russia and "Work.ru". Moreover, half of them are only subject to the introduction of tax incentives.
According to him, such a measure will give a new impetus to the formation of long-term savings of the population.
Переведено сервисом «Яндекс Переводчик»
