The IMF recommended Russia raise the retirement age

© AFP 2017 / Yuri GripasШтаб-apartment of the International monetary Fund in Washington, USA. Archival photoThe IMF recommended Russia raise the retirement age© AFP 2017 / Yuri Gripas

The Russian authorities should raise the age of retirement, according to the international monetary Fund (IMF).

Pension reform could contribute to mitigate negative demographic trends on the labor market, said in the concluding statement of the IMF after the traditional visit of the staff in Russia.

According to the Pension Fund of Russia (PFR), in 2016, the number of pensioners in the country accounted for 43.3 million people. In the current year this figure will increase to 43.9 million.

Previously, the newspaper «Vedomosti» reported that the ex-Finance Minister, head of the Center for strategic research (CSR) Alexey Kudrin has prepared for President Vladimir Putin’s strategy, which proposes to reduce the number of pensioners. According to CSR, the age of retirement should increase for women to 63 years for men to 65. The increase is necessary to carry out starting in 2019.

The head of the Federation Council Committee on social policy Valery Ryazan told RIA Novosti that the proposal Kudrin to reduce the number of pensioners is unlikely to be implemented in the near future, the savings from this «radical solution» is questionable. He also stressed that in the first place when building the pension system must be its economic options, and life expectancy and active age Russians.

Now the retirement age in Russia is 55 for women and 60 for men. In may last year passed a bill that includes increasing the retirement age of officials (state and municipal employees). The law stipulates a phased increase in the retirement age to 65 and 63 years for men and women respectively. The law came into force on 1 January 2017.