It is planned to start raising retirement age of Russians since 2019

Galina Bakhshieva

UFA, 23 November 2016. /Bashinform News Agency, Galina Bakhshieva/. The Russian government is discussing a gradual increase in the retirement age in the country.

As noted in the presentation by the head of the Russian Pension Fund Anton Drozdov, a gradual increase in the retirement age by three months a year for men under the age of 65, and by six months a year for women up to 60 years, will begin in 2019, the "Prime" Economic Information Agency reports.

A discussion of increasing age for a social pension annually for men by six months till reaching 70 years of age; for women - by six months till 68 years of age is now also underway.

The expected results from the implementation of these measures are reducing the federal budget transfer by 638 billion rubles, or from 2.5 percent of GDP to 1.4 percent of GDP by 2030.

In addition, the authorities are considering measures such as the replacement of sector beneficial insurance rates with targeted subsidies to enterprises and introduction of a moratorium on new beneficial rates and other measures.

#retirement age #increase

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