All elementary and secondary school students will receive a one-off payment of 10,000 roubles ($130.53), while children aged eight to 16 years from families with one parent will start getting on average 5,650 roubles a month, Putin said.
Pregnant women with low incomes will receive on average an extra 6,350 roubles a month, he said, promising to spend 10 billion roubles on repairs of teaching colleges.
Putin's pledges will cost the budget around 400 billion roubles ($5.24 billion) over two years, Finance Minister Anton Siluanov said.
This year, Russia will receive an extra 1.5 trillion roubles in oil and gas revenues if oil prices average $60 per barrel. A better-than-expected economic performance and a recovery in tax collection will generate another 500 billion roubles in extra non-oil and gas revenues this year that could be used for fresh spending, a deputy finance minister told Reuters.
Putin said this year would see record corporate-sector profits.
"Let's see how these profits are spent, and with this in mind we will take some decisions on the possible fine-tuning of tax legislation at the end of the year," Putin said.
Russia has recently raised taxes for individuals with annual incomes over $65,265, applied taxes on bank deposits and targeted the mining, tobacco and oil industries.