Thursday, June 14, 2018

Russia Raising Retirement Age to 65 for Men and 63 for Women

According to published reports, the Russian government has approved a bill on a gradual increase of the retirement age to 65 years for men and 63 years for women. Currently, retirement age is 60 for men, and 55 for women.
According to Russian Prime Minister Dmitry Medvedev, the bill "proposes to introduce a sufficiently long transition period - to start from 2019 to gradually reach retirement age of 65 for men in 2028 and 63 years for women in 2034."
Reuters states that "[t]he government is likely to introduce legislation into the State Duma, the lower house of parliament, in the near future to enact the VAT and retirement age changes," and that "[i]t is rare for the Duma, which is controlled by the ruling party, United Russia, to oppose the government on major policy initiatives."

Sources: Reuters "Russia, on quest for budget savings, to raise retirement age" (June 14, 2018); Tass "Russian government approves bill to raise retirement age" (June 14, 2018); CNBC "Russian government plans VAT hike and raising the retirement age" (June 14, 2018);

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