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Former Finance Minister Kudrin expects raising retirement age in Russia within 3 years

Deficit of pension system now totals almost 50% and is subsidized from federal budget, which is a heavy burden, Alexey Kudrin notes

© Viktor Drachev/TASS

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NEW YORK, October 8. /TASS/. Russia’s former Finance Minister and the head of the Civic Initiatives Committee think tank Alexey Kudrin expects the government to decide on whether to raise retirement age in Russia in 3 years.

"I think in 3 years, after presidential elections retirement age will still be raised. This is the best balance for budget," he said at a NY session of the Moscow Stock forum.

According to Kudrin, raising retirement age is one of the main challenges. "Deficit of pension system now totals almost 50% and is subsidized from federal budget, which is a heavy burden. The government has to decide whether to raise retirement age, or to cut other important budgeted items like education, medical care, social policy or infrastructure. This is a serious challenge," he said.

Earlier Russia’s Finance Ministry said retirement age should be raised in Russia "as soon as possible", and the process should be started already from 2016 by raising retirement age by half a year annually.

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Finance Minister Anton Siluanov said the issue of raising retirement age in Russia should be solved urgently as the Ministry projects total depletion of funds of the Reserve Fund and National Wealth Fund by 2018.

At the same time, Deputy Prime Minister Olga Golodets said in early October that the Russian government is not considering the issue of raising retirement age in the country in the nearest future.

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Economy Social Alexey Kudrin

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