HSE Institute for Social Policy Experts Assess the Impact of the Coronavirus Pandemic on Social Security Institutions

Institute for Social Policy experts believe that as a result of the economic activity slow-down caused by measures to combat the coronavirus, a decrease in the wage fund, a reduction in the number of jobs, an increase in the unemployment and a revenues gap should be expected. Modeling shows that a 5% reduction in the number of jobs and wage fund will result in a decrease of 65.1 billion rubles per month.

The research COVID-19 Pandemic Impact on Social Security Institution carried out by HSE ISP experts Evgeni Yakushev, Oxana Sinyavskaya, and Andrei Stoliarov shows that decrease in mandatory monthly contributions to the national social security funds, including the Pension Fund of the Russian Federation (PFR), the Social Security Fund of the Russian Federation (FSS), and the Compulsory Health Insurance Fund of the Russian Federation (FOMS) should be expected from March 2020.

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