Keeping the traditions of respect and care for the older generation the UMMC enterprises are committed to providing the decent life for retired employees. Creating the non-state retirement benefits from the UMMC employee and employer funds the program of non-state retirement insurance is introduced.
In the frame of the basic parity program of non-state retirement insurance the funds are accumulated on the retirement savings account, where one part is managed by the employer and another one is managed by the employee. After the retirement the employee receives money from the account created both by the employer and himself. The payment term for the additional retirement benefit is from 3 years till the end of life.
Moreover, there are programs for valuable employees, promising specialists as well as awarding for labor achievements in the UMMC, when the employer makes installments in favor of the employees’ personal accounts.
The members of retirement fund “UMMC-Perspective” are 70,000 people, including 3,700, who joined the fund in 2010. Over 9,000 members of the retirement fund receive additional non-state retirement benefits.
During 11 months of 2010 the amount of retirement reserves held by the retirement fund “UMMC-Perspective” was raised in 1.15 times in comparison with beginning of the year and was RUR 1,143.3 mln. as per 01.12.2010.
Since May, 2005 all participants of the II World War, who went into retirement from UMMC’s enterprises have been paid monthly a life non-state pension. Today it equals RUR 1,260 per month. The companies of the Group bear all the costs for the veterans’ pension. In 2010 RUR 14.4 mln. were contributed to the non-state II World War veterans’ retirement fund.
The companies of the Group render assistance to their employees in transmitting the retirement cumulative part from the state pension fund to the retirement fund “UMMC-Perspective”. In 2010 the retirement fund “UMMC-Perspective” signed over 3.7 ths. agreements of the compulsory pension insurance mainly with UMMC staff. Over 60,000 employees have relied on the retirement fund “UMMC-Perspective” for serving their cumulative part of the labor pension.
Since 2009 the employees have been actively engaged to participate in the program of the state retirement savings co-financing. At the beginning of 2011 over 11,000 employees of the company came into the program “Thousand per thousand”.
In 2010 the retirement fund “UMMC-Perspective” received over 500 mln roubles of retirement savings from the state pension fund. During 11 months of 2010 the amount of retirement savings managed by the fund was increased in 1.8 times, i.e. RUR 1,533.8 mln.
Today the non-state retirement fund “UMMC-Perspective” is under preparation to the new conditions referring the cumulative part. According to the Concept of Cumulative Retirement Insurance Modernization, starting from 2013 all citizens of Russia will have to transmit their retirement cumulative part from the state pension fund to the pension savings funds. To encourage market competition the non-state retirement fund “UMMC-Perspective” is intended to offer wide products range, flexible conditions of pension agreements, simple and available servicing to further retired persons.