The Convention establishes worldwide-agreed minimum standards for medical care, sickness, unemployment, old-age, employment injury, family, maternity, invalidity, and survivors' benefits. For each of these sections, the Convention defines the covered risks and fixes the minimum requirements for the range of protected individuals, the amount of payments or the volume of services provided, the duration of the social security and the necessary length of service to obtain it.
It is established that the rates of current periodical payments in respect of old age, employment injury (except in case of incapacity for work), invalidity and death of breadwinner, shall be reviewed following substantial changes in the general level of earnings where these result from substantial changes in the cost of living.
With regard to old-age benefit, the Convention provides for its minimum size 40% of the recipient's previous earnings.
Chairman of the State Duma Viacheslav Volodin noted earlier that the topic of ratification of the Convention “had been discussed for decades and was first introduced for a decision”.
He also stressed that increase in pensions is one of the goals of improving the pension system, and the provisions of the International Labor Organization Convention guarantee this. “We, members of the State Duma, have decided that the pension shall be no less than 40% of the earnings of a person who retires. This is the ratification of the ILO Convention,“ said Viacheslav Volodin.
According to member of the Committee
on Labor, Social Policy and Veterans' Affairs Olga Pavlova
Olga Ivanovna , “ratification of this Convention is a significant contribution to further realization of social reforms aimed at additional social security, protection of social and economic rights of Russian citizens”.
As Andrey Isaev Isaev
Andrey Konstantinoviсh , a member of the Committee on Budget and Taxes, said earlier, ratification of the Convention means that “Russia will undertake the relevant international obligations, including the most important one, the guarantee that a person shall receive a pension in amount at least 40% of lost earnings”.
The Convention was adopted by the 35th session of the General Conference of the International Labor Organization in Geneva on June 28, 1952 and entered into force on April 27, 1955. To date, the Convention has been ratified by 55 States.