The Russian Finance Ministry plans to reduce the insurance fee from 34% to 26%, Vice-Premier and Finance Minister Alexey Kudrin said on Tuesday.
Russian President Dmitry Medvedev ordered the government to prepare proposals on reducing the insurance fee in 2012, after the current rate of 34% turned out to be too high.
Kudrin said earlier that the 26% rate would increase the pension deficit.
The president’s assistant, Arkady Dvorkovich, said that the 34% rate would add 400-500 billion rubles to the budget in 2011.
