The Federation Council ratified the ILO Convention on social security of citizens

© RIA Novosti / Vladimir Fedorenkova in fotoreceptori before the meeting of the Federation Council. Archival photoThe Federation Council ratified the ILO Convention on social security of citizens© RIA Novosti / Vladimir Fedorenkova the image Bank

Senators at the meeting on Wednesday ratified the Convention of the International labour organization, defining the size of pensions and the right of social security of citizens.

ILO Convention concerning minimum standards of social security was adopted at the 35th session of the General conference of the ILO on 28 June 1952 in Geneva. Currently it is ratified by 55 States. It provides that the replacement rate for lost earnings in the labour old-age pension must reach 40%.

In accordance with the requirements of the Convention by the Ministry of labour of Russia developed a method of calculating the replacement rate of previous earnings for social security old-age, invalidity, loss of breadwinner. The explanatory Memorandum States that «this methodology meets legal obligations, which plans to take on Russia in connection with the participation in the Convention.»

The Convention covers all major areas of social security, including medical care, provision for sickness, unemployment, old age, in connection with accident on manufacture and occupational disease, family software, providing maternity, invalidity, loss of breadwinner.

It is expected that the document will come into force on 1 January 2019, simultaneously with the law on amendments to the pension legislation.