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. Last Updated: 07/27/2016

Yeltsin Signs Pension Raise

Days after President Boris Yeltsin outlined plans for what he touted as an austere 1995 budget, he has signed a bill raising the minimum pension payment, a move which could cost the state trillions of rubles in revenues.

The law -- which Yeltsin signed Wednesday, and which goes into effect upon official publication -- increases the minimum monthly pension payment 20 percent to 52,486 rubles ($11.60) from 43,738 rubles.

Yeltsin vetoed a law in February that would have raised pensions to 54,000 rubles, saying at the time the move would cost 23.6 trillion rubles a year.

But parliament passed the law again, forcing him to sign it into law.

The bill was approved by the State Duma, the lower house of parliament, May 26 and by the Federation Council on June 15.