MOSCOW, May 23 /TASS/. The Russian Ministry of Economic Development supports the initiative to raise retirement age for women and men to 63 and 65, the ministry said in documents prepared for a meeting of the Economic Council set up under the president of Russia.

"Raising the retirement age for women and men [to 63-65] is a vital measure," the ministry said.

According to the ministry, this measure is necessary not only from the point of view of balancing the pension system but also in terms of extending the period of productive life of future retirees and as a measure to reduce deficit of labor resources.

Under the current Russian laws, the retirement age for men is 60, and for women - 55.

Russia’s former Finance Minister and now a deputy chairman of the presidential economic council, Alexey Kudrin suggested retirement age be raise gradually to 63 for men and women alike. The transition period for men is to be six years and for women - 16 years.

The Economic Council will meet on May 25. It will hear reports on economic policy of the Stolypin Club; as well as reports by Russia’s former finance minister Alexei Kudrin, who currently heads the Center for Strategic Development; and Minister of Economic Development Alexei Ulyukayev.