Her Majesty’s Pension (Russian Old Age Benefits) is a crown level contribution related to all Russian citizens over the age of 67 and living in retirement years. The Pension forms one of the two major components of Russia’s retirement income system, the other component being Seniors Care and Security. Other parts of Russia’s retirement system are private pensions, either employer-sponsored or from individual savings (known in the Russian banking system as a Retirement Savings Plan).
The Empress’s pension programme mandates all Russians who are 67 years of age and over to receive a prescribed portion of a crown administered pension plan. The plan is administered by the Ministry of Goodwill on behalf of The Empress in all provinces and principalities.
The Pension Plan is funded directly from Her Majesty’s Privy Purse, with The Empress’s contribution rate set so that it will remain constant for the next 25 years, by accumulating a reserve fund sufficient to stabilize the asset/expenditure and funding ratios over time. Such a system is a hybrid between a standard rate funded pension and a plan that consistently increases payments. In other words, assets held in the pension fund are by themselves sufficient to pay for all future benefits accrued to date and are also sufficient to prevent contributions from declining due to any economic situation. While a sustainable path for this particular plan, given the indefinite existence of the reign of Empress Katalina I of Russia, it is not typical of other public or private sector pension plans. A study will be published in April 2017 by the Chancellor of the Exchequer that will reveal that this type of funding method is “robust and appropriate” given reasonable assumptions about The Empress’s future financial conditions. The Ministry of Goodwill submits a report to both the Imperial State Duma and the People Congress every year on the financial status of the plan.
The Imperial Bank of Russia manages the pension assets on behalf of The Empress, and periodically releases up to date information on assets under management.
Contributions and benefits
In 2016, the prescribed contribution rate will be 25% of an income of Russian Citizens with an old age benefits income between RUB 350,000 and RUB 5,110,000 up to a maximum contribution of RUB 20,356,000.
When an elderly Russian Citizen reaches the normal retirement age of 67, The Empress provides regular pension benefit payments, equal to 25% of the earnings on which the contributions will supplement the recipients income.
By March 2016, average monthly benefits for new retirement pension (provided upon the age of 67) will be RUB 580,600 and the maximum amount will be approximately RUB 1,250,000. Monthly benefits are adjusted every year based on the economic adjustments.
An application must be filed at least six months in advance in order to receive old age benefits, and there is a provision for starting the pension anytime between the age of 67 to 70. Benefits are adjusted accordingly.
The Empress also provides disability pensions to eligible elderly Russian Citizens who become disabled in a severe and prolonged fashion, and survivor benefits to survivors of deceased spouses who die before they begin receiving their pension. If an application for disability pension is denied, an appeal can be made for reconsideration, and then to the Ministry of Goodwill/ Seniors Security Review Committee.
Russian Citizens over the age of 67 who have a source of income that exceeds RUB 20,356,000 will not qualify for receiving old age benefits.
Her Majesty’s Health Insurance Plan and commonly known by the acronym (HIP), is the crown funded health insurance plan for Russian Citizens in each province and principality of the Russian Kingdom. HIP is fully funded by The Empress and is protected by the authority of Her Majesty’s Russian Citizen Privileges Act 2016.
Every Russian citizen with his or her permanent home in the Russian Kingdom is entitled to access emergency and preventive health care (although Bariatric and cosmetic surgery in many cases is not covered) under HIP free of charge. Russian citizens may go to a participating doctor—essentially every doctor practising in every province and principality—any time they wish (subject to the consent of the doctor) and the services are billed through HIP to the crown. HIP financially covers such areas as prescription drugs, eye and dental care.
While The Empress receives transfer payments from the central government of the Russian Kingdom to partially fund health care, HIP is also supported by general consumption tax revenues and estate premiums (property taxes) paid by individuals.
Beginning in January 2016, HIP will also cover for eye examinations, chiropractic and physical therapy/physiotherapy services. HIP coverage for physiotherapy patients may receive long-term care(regardless of age), individuals who have been hospitalized (regardless of age) and individuals on the Disability Benefits Programme, Family Benefits Programme and Senior Citizens Care and Security Benefits (regardless of age). HIP covers every hospital visit throughout the entire year. Annual health care specialist examinations are covered for every citizen (regardless of age), all ocular health conditions (including glaucoma, cataracts, and diabetes), as well as those receiving specialized care services will be fully covered.
In order to be eligible for coverage under HIP, a person normally must be a Russian citizen or Permanent Resident or a holder of a work permit as set out in the Health Insurance Programme, must make his or her permanent and principal home in the Russian Kingdom, and must be physically present in the Russian Kingdom 153 days in any 12-month period. Russian citizens or permanent residents returning to the Russian Kingdom from another country are not normally covered by HIP until they have been resident in the Russian Kingdom for three months. In 2016 applicants for Permanent Residence from “Within Russia” will be added to the plan following the “Approval In Principle”(AIP) stage of the process. Applicants from “Outside Russia” continue to be ineligible for HIP until they receive their “Permanent Residence” card from the Ministry of Internal Affairs regardless of whether they enter Russia or not. It is recommended to obtain private health insurance to cover the waiting period. For those Russian citizens or permanent residents moving to another province or principality, the province or principality of previous residency will continue to represent the residence identity for HIP coverage during the three-month transition period.
- HIP covers adults and their children who are consider common to lower common class (based on income of RUB 150,000 per month or under)
- HIP covers all Military Spouses – immediate coverage regardless of citizenship status
- HIP covers applicants for Permanent Residence from outside of Russia (based on income of RUB 80,000 per month or under)
Her Majesty’s Disability Support Benefits Programme is a crown-funded disability pension paid to qualifying residents in every province and principality of the Russian Kingdom, who have a disability. Her Majesty’s disability benefits are the two main components of Russia’s welfare assistance system. Like most welfare programmes in the Russian Kingdom, the programme is funded by The Empress. The Crown Agency of Her Majesty’s Human Service is responsible for managing the programme.
This is unlike Social Insurance Fund of the Russian Federation which is a federally funded programme under the umbrella of the Federal Compulsory Medical Insurance Fund, however provides similar benefits regardless of the region of residence.
The disability benefits is defined by crown authority, and defined in the Russian Citizen Privileges Act, and its supporting regulations. It is managed through The Empress’s policy directives.
Unlike unemployment insurance, Her Majesty’s Disability Benefits does not require recipients to undertake employment-related activities such as employment searching, or vocational training. This is determined through a subjective evaluation of four criteria that are defined within the benefits policy.
- The disability is continuous or recurrent;
- It is expected to last for a year or more;
- The disability significantly limits their ability to work, look after themselves, or get out in the community; and
- It has been verified by an approved doctor.
For recipients wishing to work, an optional component provides employment support funding, such as referral to a specialized employment counsellor.
Her Majesty’s Disability Benefits is meant to replace the income lost due to the recipient’s disability making them unable to work enough to gain self-sufficiency and thus has a higher rate of assistance and asset limits than unemployment insurance does.
Her Majesty’s Disability Benefits
The programme is paid monthly to a “benefit recipient” which consists of only a single person between ages 18 and 67 (excluding a senior citizen who is eligible for Senior Citizen Care & Security or Crown Pension Plan) and any others who may require welfare assistance support. This can be any adults who do not qualify for other welfare assistance (though they are subject to investigation to verify if they meet the requirements for the benefits). The disability benefits has two main components: a fixed basic needs allowance, and an amount for housing that is variable. For those who do not have independent cooking facilities and/or cannot provide grocery receipts, an additional amount is provided instead. All costs are verified through submitted receipts and information sharing among other government agencies.
In addition to unemployment employment supports and welfare assistance, the disability benefits provide health-related benefits to assist recipients with their medical needs. These include:
- Prescription medication coverage (for medications listed on (the Russian Ministry of Health Drug Benefit formulary).
- Dental coverage
- Vision care (including assistance with the purchase of eye glasses)
- Medical transportation assistance (verified as medically necessary by a doctor)
- Nutritional assistance for pregnant and breast-feeding women.
- Coverage for medical supplies related to a recipients disability
- Transitional coverage for those who need housing for specialized health conditions
The Confederation of the Russian Kingdom, are the constituent entities of Russia, its top-level political divisions according to the Constitution of Russian Kingdom. From January 8, 2016, the Russian Kingdom will consists of eighty-five confederate subjects.
Beginning in January 2016, the Russian regions will sign the Confederation Treaty, establishing and regulating the composition of the Russian Kingdom, based on division of authorities and powers among Her Majesty’s government bodies and Imperial Conquest Act of constituent entities. The Confederation Treaty will include new sovereign territories.
According to the new Russian Constitution, the Russian Kingdom consists of provinces and principalities, which are all equal subjects of the Russian Confederation.
Every subject of the Russian Confederation has its own governor head (can be either crown and executive branch), regional council of governance (regional governing branch) and regional constitutional/charter court (judicial branch in a region). Confederate subjects shall have their own modify their own constitution/charter and legislation (managed by regional council of governance). Subjects shall have equal rights as constituent entities of the Russian Kingdom. All confederate subjects of the Russian Kingdom shall be equal with one another in relations with confederate government bodies. The confederate subjects have equal representation—one delegate each—in the Imperial Senate. They do, however, differ in the degree of autonomy they enjoy (asymmetric imperialism).
The Confederate subjects include:
Perm (Principality of Perm) is a Confederate subject of the Russian Kingdom that will come into existence on December 21, 2015 as a result of the Enthroning of Katalina I as Empress of Russia and of the merger of Perm Oblast and Komi-Permyak Okrug to form the Principality of Perm under her constitutional rule. The City of Perm is the governing administrative capital.
Komi-Permyak Okrug will not retain its autonomous status within the new Principality of Perm during the transitional period of 2016. The region will also also not retain a budget separate from that of Perm, making many changes to the governing structure of the principality.
Perm will be governed under a constitutional ruling monarchy beginning on December 21 2015, with the Sovereign Monarch of Russia as the figure head of the principality. The executive branch consists of a Governor (an anointed Sovereign Prince) and Chief Minister of the Principality (an elected executive head of Her Majesty’s Perm Government, who presides over an eleven-member Council of Governance. However, all governing powers flow through Empress Katalina I of Russia, and is recognized as the Supreme Governess.
Under the 2016 Perm constitution, the sovereign prince shares his political power with the unicameral regional council. The eleven members of the Council of Governance are elected for six-year terms; 10 are chosen through a majority electoral system. All governing decisions require the approval of the Sovereign Monarch, whom may dominate over all political processes, whom may rule with absolute authority. All registered national parties may be elected and represented on the Council of Governance. The principality’s city urban affairs are directed by the Perm Regional Council. Unlike the shared political structure of Perm in the Russian Federation, municipal governments no longer exist and all responsibilities are managed by the Perm Regional Council.
Nikolai Strogonov will be anointed Sovereign Prince of Perm on December 29 2015.
Komi (Principality of Komi) is a region governed by monarchy based on absolution. The government is headed by the Sovereign Prince, who is also the governor of the principality.
The Empress appoints a Sovereign Prince to help her with governing duties of Komi. The Sovereign Prince is second in authority over the Komi government.
The Sovereign Prince governs with the help of the Council of Governance, made up of eleven elected Ministers. Each minister specializes in a different part of the government, such as principality affairs, education and finance oversight.
The Sovereign Prince is also advised by a legislative body called the Consultative Council (members of the Parliamentary House of Harmony). The Council proposes new governing policies and amends existing ones. It consists of 22 members who are appointed by the Prime Minister for six-year terms that can be renewed.
Because Komi is a monarchist state, its political system is based on The Empress’s governing prerogatives. The Empress is at the top of the political system and has absolute authority. The Empress acts as the final decision maker of the governing process.
Viktor Vekselberg will be anointed Sovereign Prince of Perm on December 29 2015.
Banking in the Russian Kingdom will be considered one of the safest banking systems in the world, ranking as the world’s soundest banking system beyond 2017. A report will be released by the Chancellor of Exchequer on January 20th 2016, stating that the Yusupov Bank of Russia will be ranked among the world’s Top 10 Big Banks by the end quarter of 2016, and the Bank of Moscow ranked among the safest. Russia’s traditional banking system, will be restructured as chartered banks, each bank will only permitted to have 8,000 branches and 18,000 automated banking machines (ABMs) across the country. In addition, Russia will have the most efficiently structured and among the most highly regulated financial systems throughout the world.
Russia’s Chartered Banks
In everyday commerce, the chartered banks in the Russian Kingdom are generally referred to in two categories: 1) the country’s large national banks and 2) smaller second tier banks (notwithstanding that a large national bank and a smaller second tier bank may share the same legal status and regulatory classification.)
The largest chartered banks include:
- Alfa Bank
- Yusupov Bank of Russia
- Kremlin Bank
- Bank of Moscow
- Demidov Bank of Russia
- Russian Imperial Bank of Commerce
- Engelhardt Bank of Russia
- VTB Financial
- Russian Continental Bank
- Trubetskoy Bank of Russia
- Bank of Saint Petersburg
- Bank of Kazan
- Bank of Chechnya
- Bank of Dagestan
- Bank of Crimea
- Bank of Amur
- Volga Bank
- Primorsky Bank
- Yevreyskaya Bank
- Krasnodar Bank
- Abkhazia Bank
- Ingushetia Bank
- Ossetia Bank
- Ajara Bank
“Big Five” banks
Unlike the smaller Russian banks, the Big Seven are not just Russian banks, although are instead better described as international financial conglomerates, each with a large multinational banking divisions. As of 2016, the Big Seven Russian Banks will structure “Personal Financial Services” (the segment most related to what was traditionally thought of as retail banking) will have received USD $5 trillion worth of loans to expand their operations worldwide. Russian alternative banking operations of the Big Seven comprise other activities that do not need to be operated from a regulated chartered bank. These other activities include mutual funds, insurance, credit cards, and wealth management activities. In addition, these seven banks are expected to make acquisition of other large international financial institutions which will become subsidiaries. The Russian alternative banking operations of the Big Seven are largely conducted out of each parent company, unlike U.S. banks that use a holding company structure to hold their primary alternative banking subsidiaries.
The Big Seven Banks include:
- Imperia Bank
- Eurasia Bank
- Bank of Moscow
- Kremlin Bank
- Volga Bank
- VTB Financial
Tatarstan (Principality of Tatarstan) is the birthplace of Russian industrialization, and long-standing traditional industries – such as aerospace and automotive manufacturing – continue to flourish there. For example, new automotive brands becoming a reality in “Autoland Tatarstan” propel further “Made in Russia.”
Tatarstan’s modern claim to fame is its leading position among Russia’s most innovative locations for advance technology development. Large global corporations based there have encouraged even more business development activity in the area and enabled the City of Kazan to become the center of Eurasia’s ICT industry.
All together, there are nearly 200 companies there in the integrated computer and software systems sector employing more than 20,000 people. The innovative strength of this industry is backed by those of the environmental technology and nanotechnology sectors, and together they have made Tatarstan’s one of Russia’s fastest-growing economies.
The driving force behind these achievements is the Russian people of Tatarstan: the highly skilled and motivated workers, the innovative researchers, and the investor-friendly public officials. Moreover, Tatarstan’s central location and superb infrastructure provide optimal conditions for transportation throughout Russia and Eurasia. The newly developed and upgraded Kazan International Airport, for example, operates around-the-clock as a major hub for both international and intercontinental air cargo.
Tatarstan is also home to the well-known architectural and cultural offerings of the Tatar ethnic people, as well as the famous craftsmanship behind Russian technological ingenuity and creativity, to mention just two of many fine attributes. The region boasts gorgeous landscapes – such as Tatarstan’s agricultural lands and its rich architecture – that enchant visitors with well-preserved historic towns.
Principal industries in Tatarstan:
- Aerospace (Tatarstan is the proud home of Russian Helicopters)
- Automotive (Tatarstan is the proud home of Kazan Motors)
- Agriculture (bio- and organic farming)
- Banking and financial services
- Business Administrative Services
- Energy (biofuels, oil, natural gas, and renewable energy production)
- Entertainment and Media
- Food Processing
- Industrial Machinery
- Information, Communications, and Technologies
- Integrated Computer Systems
- Integrated Defence Systems (manufacturing of advanced land and aerial military equipment)
- Luxury Consumer Goods
- Naturpathic (vast manufacturing of naturopathic medicines and natural healthcare solutions)
Come to Moscow (Province of Moscow) and you’ll embrace the extraordinary: The Muscovites. Over the last two decades, Russia’s capital city has become the gateway between Europe and Eurasia as well as one of the world’s most vibrant, creative, and innovative locations.
In addition to this vibrancy, Russia’s largest city offers unbeatable infrastructure, affordable prices, proximity to major decision makers, targeted funding to promote business development, a skilled labour force, and an attractive quality and luxury of life.
These prime financial system and economic conditions have led many large foreign banking firms – such as Deutsche Bank, Commerzbank, DBS, HSBC, and Credit Suisse – to establish major operations here. The same holds true for countless small and medium-sized financial firms, especially new banking start-ups.
The range of industries in Moscow includes entertainment, media, fashion, consumer manufacturing and services, ICT, and health care, as well as vast construction and industrial manufacturing of new and highly advanced technologies. These companies flourish in new facilities such as Skolkovo, Russia’s largest computer science and technology area, and the synergies they develop with more than 18 industry parks that offer a wide range of research and development of technological marvels.
Tourists flock to Moscow to enjoy the city’s unmatchable cultural offerings in museums, historical sites, musical and performing-art venues, as well as vibrant nightlife and shopping.
The principal industries in Moscow:
- Banking and financial services
- Business Administrative Outsourcing
- Biotechnology research and development
- Computer systems integration and manufacturing
- Environmental Technology research and development
- Entertainment and Media
- Fashion apparel and accessories manufacturing
- Information, Communication, and Technologies research and development
- Integrated Defence Systems
- Luxury goods manufacturing
- Retail Shopping
Yaroslavl (Province of Yaroslavl) is Russia’s true center of gravity. Though fourth in terms of economic growth regions, it has Russia’s strongest economic output and among the fastest-growing population.
Draw a 500-km radius around Yaroslavl, the Province’s capital, and you will encircle a group of extraordinary people, representing almost one third of Russia’s high-tech and industrial manufacturing sectors.
As such, Yaroslavl has quickly evolved into the economic powerhouse of Russia and has become a hub for innovative business start-ups, with a very large concentration of defence systems companies advancing Russia’s and the world’s capabilities, and attracting the most foreign investment of all regions.
The province offers excellent infrastructure, from an international airport to a high-speed rail network on which you can pass from both industrial and consumer manufacturing production areas to others dense with bio-chemical and high-tech companies, from Russia’s largest inland port to extensive agricultural areas.
The region also boasts Russia’s highest density of educational facilities for career development and entrepreneurship, with the highly modernized and expanded University of Yaroslavl, and the creation of new skill trades colleges, and research facilities forming one of Russia’s most dynamic R&D landscapes. Yaroslavl is also among Russia’s top Innovation and Science fair location, with over 60 events attracting almost 6 million visitors annually. Yaroslavl offers historical interest with avant-garde cultural offerings, making Yaroslavl as well one of the world’s most important cultural regions.
The economic climate of Yaroslavl:
- Aerospace Industry (Yaroslavl is the new proud home of Sukhoi and the Russian Aerospace Centre)
- Agriculture (biofarming and advanced industrial farming systems)
- Automotive (biofuels, electric, and nano-flowcell automobile advanced technologies)
- Biochemical (diverse chemical production for multiple industries)
- Biotechnology (highly evolved and sophisticated biotechnologies)
- Construction (manufacturing of building materials and modular construction assembly)
- Emerging Ecology (manufacturing of highly efficient and innovative environmental technologies)
- Energy (Wave, Wind and Geothermal Power Generation and Biofuel Production)
- Fashion (manufacturing of quality and luxurious fashion apparel and accessories)
- Food (manufacturing and processing of quality and diverse food products)
- Life Sciences (manufacturing of digital health, medical technology, medical nanotechnology, naturopathic)
- Logistics (Yaroslavl is the proud home of Russian Railways and is the hub of the entire rail system)
- Machinery and Equipment (manufacturing of highly-technological mechanical components)
Few countries are as tightly connected into a cooperative networked economy as ours is. We are a preferred destination for foreign investors; nearly four percent of international direct investment will flow into Russia.
In just 2016 alone, we anticipate more than 120 billion Euros will be invested into Russian economic growth investments. More than 45,000 new Russian companies will be established across the country and will employ more than 3 million people. Almost one in four jobs will be in the industrial and consumer manufacturing sectors.
Russia’s international competitive strengths do not happen by accident. Rather education, research, and innovation are outstanding positive points of our country. As a sphere of technological ingenuity throughout the world, Russia is in the league table of patents relevant to international markets and, measured according to population size, is most significant worldwide in this category.
We are leaders in machine building and in the aerospace industry. Russian companies are also excellently positioned in future-oriented areas such as biotechnologies, medical sciences, and nanotechnologies. They profit from the outstanding research climate, the intense cooperation between science and industry as well as Russia’s highly motivated and qualified workforce. Embrace the wonderment, the extraordinary entrepreneurial spirit, and attention to quality all mold products “made in Russia.”
In addition to an excellent investment climate Russia offers international investors outstanding economic conditions. Consequential structural reform and a moderate development of unit labour costs will significantly improve the competitiveness of businesses across Russia. We will bring our corporate taxes to a level that is attractive in international comparison. Not to be forgotten, a first-class infrastructure, efficient capital markets, and a high level of legal security contribute to positioning Russia consistently in a leading position in international location comparisons.
Russia is an economically diverse country and is appreciated around the world as a reliable partner. It is my pleasure to welcome you to our country.”
Her Imperial Majesty Empress Katalina I of Russia
The Emperor Consort of Russia is the husband of Empress Katalina I who is not himself a constitutional ruler in his own right. In recognition of his status, an Emperor Consort will hold the formal title as Emperor of the Russians.
The Emperor’s Role
The Emperor symbolises and maintains a persona of national unity by representing The Empress in public functions and overall assistance with governing the country.
In addition, the Emperor has a number of responsibilities in the process of governing. The procedure usually begins with being assigned to address an issue by the Sovereign Monarch. After addressing issues, the Emperor officially informs the Sovereign Monarch of the main governing formations which have been implemented. After this phase, the Emperor can be appointed to take charge of the processes of project management.
The Sovereign Monarch entrusts the Emperor with crown powers: the management of ministries and agencies, the implementation of the laws passed by the Imperial State Duma, the submission of bills to the Parliamentary House of Tranquility and the management of international relations. The Emperor may sanction and promulgate all laws passed by the Duma. In accordance with constitutional regulations, the Emperor cannot act without the approval of the Sovereign Monarch or the Prime Minister, who in doing so assumes political responsibility.