How much will the retirement age be increased?
For men, the retirement age will be increased from 60 to 65 years by 2028. For women, the retirement age will be moved from 55 to 63 years by 2034. The increase in the retirement age will begin from 2019.
Who will be affected by the reform?
The reform will affect men born in 1959 and younger and women born in 1964 and younger. The current pensioners will not be affected by the planned changes.
Why do we need a transition period?
The transition period will not allow raising the sharply retirement age for those who must retire in the coming years. For example, men born in 1959 and women born in 1964 will be able to retire in 2020 at 61 and 56 respectively. Men born in 1960 and women born in 1965 will be able to retire in 2022 at the age of 62 and 57 respectively.
Will there be any benefits?
Women with a work experience of 40 years and men who have worked for 45 years or more will be able to retire two years earlier. Employees of harmful and dangerous industries, women with five or more children, disabled, Chernobyl and some other categories will be able to retire early, as before. Also, the government announced a change in the length of seniority for retirement of servicemen.
Why do authorities raise the retirement age?
The budget of the Pension Fund of Russia has been scarce for several years already, the fund is subsidized from the federal budget. The authorities have long been discussing raising the retirement age, but they have made a decision only now. According to Premier Dmitry Medvedev, this can not be dragged on because of a decrease in the proportion of the able-bodied population, which could lead to an imbalance in the pension system and the state's inability to fulfill its social obligations. According to Medvedev, raising the retirement age allows an increase in the average life expectancy in Russia to almost 73 years.