Long rubles: the government will support the long-term savings of Russians
The long-term savings program is becoming increasingly relevant for many Russians who seek to ensure financial stability and save up for important life goals: children's education, buying a home, or creating a financial safety cushion. New tax incentives for employers who support the participation of employees in this program can expand the opportunities for citizens to save money, making it more profitable and affordable for them to participate in the program. How these changes will affect the incomes and financial well-being of ordinary people is in the Izvestia article.
A new stage of support for long-term savings
In Russia, they plan to launch tax incentives for employers who co-finance their employees under the long-term savings program. The measure can be implemented as early as 2026. The program itself has been operating in Russia since 2024 and allows citizens, with the support of the state, to form capital for important purposes. By the end of April 2025, according to data from the Bank of Russia, more than 330 billion rubles had been attracted to the PDS and 4.6 million contracts had been concluded.
According to the initiative, one of the sources of funds in the program can now be employers' savings contributions under PDS agreements concluded in favor of employees. In other words, participation in the program will allow employing companies to account for employee contributions as their expenses. We are talking about amounts of no more than 12% of the salary fund, from which companies will be able to avoid paying insurance, which is supposed to create incentives for business participation.
Experts emphasize that the new tax benefits can significantly change the attitude of employers towards the long-term savings program.
Vladimir Poklad, Director of the Management consulting Department of the Business Profile Group, notes that these measures create a direct financial incentive for companies to actively participate in the formation of retirement and long-term savings of employees.
"The average level of savings for an employee will also increase, especially in small and medium—sized businesses," he notes.
Igor Alutin, Senior Managing Director of the Moscow Stock Exchange for retail business, development of electronic platforms and the Finuslugi project, points out that the contributions themselves can become another bonus in the corporate social package.
Alexander Usov, a member of the expert council at the Federal Tax Service of the Russian Federation, managing partner of Alliance Partners Group LLC, notes that the growth of business involvement will stimulate employers to pay a "white" salary, since the contributions can be taken into account as part of income tax expenses and exempt from paying insurance premiums. According to the expert, attracting new employers can significantly increase the total amount of the program, especially if large companies can be involved.
Igor Alutin, Senior Managing Director of the Moscow Stock Exchange, notes the interest of Russians in PDS.
— Almost half of the respondents (46.8%) know about the government's long-term savings program. Upon completion, 41% of respondents want to spend money on their children's education, 37% on their housing, and 18.5% want to use the money as a financial cushion," he cites statistics.
Ekaterina Golubtsova, Associate Professor of the Department of State and Municipal Finance at Plekhanov Russian University of Economics, notes that the initiative will make it possible to replenish the employer's social package. The expert also adds that in order to participate in the program, the consent of the employee is required, who will be able to return the personal income tax deducted by the employer from the contribution amount.
Employers will be able to directly help their employees build savings for retirement by increasing the monthly contribution amount under the program, says the head of the People's Front. Analytics" by Olga Pozdnyakova.
— Moreover, these expenses can be taken into account when calculating taxation. This will increase the opportunities for citizens to save money in their own account and use it in the future — for women after 55 and men after 60," she notes.
Impact on the financial stability of the population and the economy
Tax incentives for long-term savings are aimed at strengthening the financial stability of citizens, especially representatives of the middle class. In particular, Vladimir Poklad emphasizes that long-term instruments allow you to save and increase capital, reducing dependence on wages "here and now."
— The key to the success of any state is to strengthen the financial stability of the population, especially the middle class, — says Alexander Usov. — It should be able to predict its future at least 10-15 years ahead.
The expert also warns about the risks. According to him, everything can be ruined by high inflation, low public confidence in various long-term government programs or insufficient motivation of citizens to "freeze" their savings for 15 years.
— This is especially true for people with unstable and low incomes who live one day at a time. At the same time, tax incentives for employers create the potential to improve financial stability. This money should return to the economy after a while," he adds.
Maria Semenova, Director of FBK Legal's Tax Structuring Department, believes that the more tax and other benefits employers who care about the long-term well-being of their employees receive, the more likely it is that the financial stability of Russians will increase.
State co-financing, insurance of invested funds, as well as employer participation in the program are additional incentives for citizens, says Ekaterina Golubtsova, Associate Professor of the Department of State and Municipal Finance at Plekhanov Russian University of Economics. Participation in the program reduces the risks for individuals compared to manipulating short-term investments.
New tax rates for income from long-term savings
In addition, income from the placement of funds on deposits is subject to personal income tax (in excess of the non-taxable amount). The Accounting Chamber of Russia notes that the bill provides for a personal income tax rate of 13 or 15%, depending on the amount of income.
Alexander Usov explains in this regard:
— Fair tax burden — income from the personal income tax after 15 years of receipt is taxed at the rate of 13 or 15% (if the amount exceeds 5 million rubles). This is an advantageous position, comparable to AIS and long-term insurance contracts. However, for those whose income is growing, other products may be more profitable," the expert explains.
— Personal income tax collection under certain conditions does not detract from the attractiveness of personal income tax for citizens, but only reduces the risks of the state when participating in this program, — says Ekaterina Golubtsova. — Personal income tax is charged not on the entire amount of income, but on the investment income received, and the rates themselves do not exceed 15%.
Limitations and alternative opinions
Not all experts share the optimism about mass participation in the program. In particular, Evgenia Soldatova, a tax lawyer, believes that the program is more suitable for employees of large companies who use PDS as a tool to motivate staff. The rest of the Russians are unlikely to use the provided tax benefits on their own, at least because in conditions of economic instability they are not ready to place money on a long-term basis, fearing their loss.
Alexander Abramov, head of the Laboratory for the Analysis of Institutions and Financial Markets at the Presidential Academy, believes that employer contributions are unlikely to play a significant role.
— As in the case of the pension co-financing program, the main financial contribution is likely to remain with the employees themselves. Employers already incur high labor costs, and not everyone will be able to finance long—term savings of employees, he believes.
This point of view is shared by Mikhail Lokshin, an expert at the AVO Investors Association. In his opinion, the problem of increasing the savings of Russians can and should be solved from different sides.
— Even with regard to the PDS, this should go in two directions.: stimulating the replenishment of those already participating in the program, which is what the proposed measure is designed to solve, and — more importantly — encouraging new citizens to participate in the PDS," he says.
Chief Personal Income Tax expert.ru Olga Gukova emphasizes the importance of citizens' awareness.
— People often say that financial benefits are too complicated and do not inspire confidence. They want transparent conditions without any tricks," says Olga Gukova.
According to the expert, the introduction of two personal income tax rates means that income from long-term savings cannot be used for other tax deductions.
— The most important thing that citizens want is reliability, so that there is no risk that the program will be closed and investments will "burn out." There are no guarantees in the Tax Code that the tax regime will not worsen in 15 years, she emphasizes.
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