MOSCOW, April 23 (RAPSI) – The Russian Government has decided to keep in place pension savings, RIA Novosti reports on Thursday, citing Prime Minister Dmitry Medvedev.

Most experts and Russian citizens supported a decision to preserve pension savings, Medvedev said at the government meeting. Russia needs to develop a predictable pension system and that naturally, some of the system’s mechanisms must be upgraded and streamlined, according to him.

Medvedev instructed the Finance Ministry and the Ministry of Economic Development to submit proposals on balancing the budget, with due consideration for this decision. First Deputy Prime Minister Igor Shuvalov will oversee this process.

He also instructed the appropriate officials to draft proposals on the most cost-effective use of pension savings’ financial resources for economic growth purposes.

Earlier, Deputy Prime Minister Olga Golodets and Minister of Labor and Social Protection Maxim Topilin called for abolishing pension savings. Golodets thought it necessary to introduce voluntary pension savings plans.

Pension savings are monthly cash payments made to compensate insured persons for the loss of salaries, as well as other payments and royalties, once they reach the retirement age and stop working. These savings are calculated in line with pension savings volumes on the day of fixing superannuation pensions.