Russian Prime Minister, Dmitry Medvedev has stated that Russia will soon draw up a draft law to raise the pension age, while carefully looking for ways to avoid disrupting the existing pension system or causing social tensions.
“We are on the brink of starting to discuss this at a legislative level, it (a decision) will be taken based on different factors, it will be done carefully, and in such a way that will not unbalance the pension system or, on the other hand, create negative feelings among people.” Medvedev said.
Former finance minister Alexei Kudrin – now an unofficial adviser to President Vladimir Putin -said that Russia is currently faces a big increase in the number of pensioners in coming years which will coincide with a shrinking workforce.
According to Reuters, any increase in the pension age would allow the government to cut contributions from the state budget, which could help fund pre-election promises of higher social and infrastructure spending by Putin, who starts a new term in office on 7 May.
Russia would see the pension age increased every year by one year until it reaches 65 years for both men and women. While there would increase the retirement age for women by six months every year until it reaches 63 years, and by four months each year for men until it reaches 65 years.