MOSCOW, October 3. /TASS/. Russia’s Federation Council (upper house of parliament) has passed a law which changes the pension system, particularly raising the retirement age. As many as 149 senators voted in favor of the law, while five voted against it and another three abstained.
The law raises the retirement age for men from 60 to 65 years and for women from 55 to 60 years. The Russian government, which submitted the document to the parliament, initially planned to raise the retirement age for women to 63 years. However, President Vladimir Putin suggested that the age be increased to 60. According to the law, men with 42 years of job tenure and women with 37 years of job tenure have the right to early retirement. At the same time, mothers may retire at the age of 56 if they have four children and at the age of 57 if they have three children.
The law also enshrines the concept of the pre-retirement age, which refers to a five-year period before the official retirement age.
Federation Council Committee on Social Policy Chairman Valery Ryazansky said at Tuesday’s meeting that "the law clarifies conditions for the recalculation of pensions for the next four years." These figures will be taken into consideration during work on the federal budget.
Head of the Federation Council Committee on Budget and Financial Markets Sergei Ryabukhin pointed out that the committee’s members had been concerned about whether enough money could be allocated from the budget to implement all of the president’s suggestions. "However, the government has provided a convincing answer that there are enough financial resources," he added, calling on senators to support the law.
Most of the changes in the pension system will take effect on January 1, 2019.