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Retirement Age in Russia to Go Up
By Ekaterina Efimova, RIA Novosti|
Russia
July 29, 2005
The retirement age in Russia should increase by 2020, Russian Pension Fund head Gennady Batanov said.
Older people have a longer life expectancy in many countries now, including Russia, he said.
"Men of working age in Russia leave work earlier, while pensioners are living longer," he said, adding that the retirement age must be raised gradually.
"There are many important factors here: the state of the economy, the amount of work available and the unemployment level must all be taken in to account. It is important to get the timing right and not raise [the age] too sharply, but gradually, as is being done in certain other countries. We could, for example, add half a year each year, during a period of five years," he said.
There are currently only 1.67 working people for every one pensioner in Russia.
"The budget will not receive massive revenue from this, which will pay for everything, but the money will be substantial. We should remember that the support of pensioners depends on those who work," said Batanov.
The retirement age in Russia is currently 55 for women and 60 for men.
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