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Russian Pension Fund head says no plans to increase retirement age in 2018-2020

Russia’s Pension Fund is not currently considering the possibility to increase the retirement age

ST. PETERSBURG, June 1. /TASS/. Russia’s Pension Fund is not currently considering the possibility to increase the retirement age for both men and women in the next three years, the Fund’s head Anton Drozdov told TASS on the sidelines of the St. Petersburg International Economic Forum (SPIEF) on Thursday.

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"There are no official plans to do that. We are currently working on the 2018-2010 budget which is not going to stipulate an increase in the retirement age," Drozdov said.

Russia’s Vedomosti daily earlier published some fragments of the Strategy-2035 drawn up by the Center for Strategic Research for the country’s authorities. The document includes a plan aimed at enhancing the sustainability of the pension system, which particularly says that women’s retirement age should be increased to 63 years, while the retirement age for men should reach 63. The retirement age is planned to be increased gradually by six months, starting from 2019. The Center’s experts believe that as a result, the number of pensioners in Russia will decrease by nine percent.

The 2017 St. Petersburg International Economic Forum is taking place in Russia’s second largest city on June 1-3. The forum is dubbed Achieving a New Balance in the Global Economic Arena.

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