Breakthrough Technologies for Financing the Old-Age Labor Pension

The paper presents a project for organizing the transition of Russian citizens to the financing of an old-age labor pension using personalized pension accounts. Based on the developed economic and mathematical model (simulation model) of the financial support of the old-age labor pension when implementing a breakthrough technology of pension provision based on personalized pension accounts, the simulation of the accumulation of financial resources in the accounts of citizens is performed, proving its effectiveness. Thus, with the introduction of a breakthrough technology for financing an old-age labor pension in 2021, in four years the average insurance pension per month will amount to 40% of the aver4age monthly salary, and by 2029, eight years after the introduction, the average monthly pension will amount to 60% of the salary in the corresponding year. At the expense of the funds accumulated in the personal pension account of a working citizen, after the end of his work (for the period of survival), his average pension will be at least 80% of his salary. It is shown by calculations that due to the funds accumulated on the personalized pension account, the amount of monthly pension provision of the employee increases annually, which encourages citizens to increase labor productivity (more wages - more amount on the personal pension account, the non-reduced balance accumulates faster) and the state to reduce deductions to the Pension Fund of Russia, and all enterprises to reduce the cost of production, thereby ensuring the accelerated development of the Russian economy.