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International Internet Magazine. Baltic States news & analytics Thursday, 28.03.2024, 10:53

Weak rouble puts pressure on part Estonian pensioners

BC, Tallinn, 19.12.2014.Print version
The fall of the Russian rouble is cause for concern for more than 3,000 pensioners living in Estonia who are paid pensions from the Russian Federation state budget, since the fall of the rouble means reduction in real income, LETA/Postimees writes.

Estonian Social Insurance Board pays Russian pensions in euros once in every quarter and the exchange rate is calculated on the transaction date. Thus, if the rouble exchange rate falls, pensions fall.

 

"Estonia has a pension insurance cooperation agreement with Russia. To implement this contract, a separate implementation agreement is compiled. Based on the implementation agreement, pensions are paid in the Republic of Estonia in euros and every time the transaction is conducted, the transaction day rouble exchange rate against the euro is taken into consideration," explained Social Ministry spokesman Oskar Lepik.

 

3,255 people get old-age pensions in Estonia from the Russian Federation budget.






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