Russia: COVID-19 impact on social benefit funds 2020

The experts at the Social Policy Institute at Higher School of Economics in Russia have estimated expected losses of social benefits funds as a consequence of the coronavirus (COVID-19) expansion across the country. The value of revenue loss would grow exponentially at a longer duration of the crisis and at more elevated unemployment rates. Thus, if the crisis lasted six months and caused a loss of only five percent of workplaces, the estimated losses would be measured at over 390 billion Russian rubles.

For further information about the coronavirus (COVID-19) pandemic, please visit our dedicated Facts and Figures page.

Estimated loss of social benefits fund revenues* due to the coronavirus (COVID-19) in Russia in 2020, by crisis duration and employment reduction rate (in billion Russian rubles)

Characteristic	5%	10%	15%	20%
Crisis will last 3 months	195.4	390.8	586.3	781.7
Crisis will last 6 months	390.8	781.7	1,172.5	1,563.4
Crisis will last 9 months	586.3	1,172.5	1,758.8	2,345

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Release date

April 2020

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Region

Russia

Survey time period

March 2020

Supplementary notes

* Revenues from three extra-budgetary funds that provide about 70% of all social benefits in Russia are generated from two sources. Own income depends on the amount of insurance premiums that employers pay monthly from employees' salaries at a rate of 30% (22% goes to the Pension Fund, 5.1% to the compulsory health insurance, 2.9% to the Social Insurance Fund). The rest of the total income of the funds is formed by transfers from the federal budget.

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