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Bill on amending retirement age passes first reading in Russian State Duma

The first reading envisions consideration of the bill’s concept

MOSCOW, July 19. /TASS/. The government’s bill on changes into the Russia pension system has passed its first reading in the State Duma (lower house) on Thursday, as 327 lawmakers supported the draft legislation, 102 deputies voted against, and one deputy abstained from the voting.

The first reading envisions consideration of the bill’s concept. Once it is approved, a wide discussion of the initiative will continue as proposals on follow-on revision of the draft bill will be presented in the form of amendments for the second reading. The State Duma has set a period of over two months for further discussion compared with traditional 30 days.

The draft bill on changes to the national pension system submitted by the government to the State Duma, stipulate a gradual increase in the retirement age to 65 for men (by 2028) and 63 for women (by 2034). Currently, the retirement age for men and women is 60 and 55 years, respectively.

The authorities plan to raise the retirement age gradually starting from 2019. The hike in the retirement age does not affect current pensioners (about 46.5 mln people.) They will continue to receive their pensions and social benefits that were earmarked for them earlier. According to Prime Minister Dmitry Medvedev’s forecast, thanks to the implementation of the retirement reform, pensions will grow by about 1,000 rubles ($16) annually.