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MOSCOW () -- President Boris Yeltsin on Wednesday ordered a 15 percent hike in government pension payments to the elderly, who have been among the hardest hit by Russia's recession and high inflation. However, Yeltsin's decree sets the new minimum pension at only 21,850 rubles (about $11) a month, and overrides parliamentary calls for a 40 to 50 percent increase.
Yeltsin said parliament's figures were too high for a country trying to reduce its budget deficit. His decree said the smaller increase "corresponds to the financial resources of the State Pension Fund and the approved 1994 federal budget."
Pensions Upped 15%
04 August 1994
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