Putin spoke about the need for changes in pension legislation

© RIA Novosti / Valery Melnikova in Photobacterium of the Russian Federation Vladimir Putin. Archival photoPutin spoke about the need for changes in pension legislation© RIA Novosti / Valery Melnikovite the image Bank

Russian President Vladimir Putin, speaking on pensions, said that if nothing changes, the situation in the future will change not in favor of workers, and then could burst the pension system.

«Five pensioners have six working and the situation will not change in favor of workers — their number will be reduced. And there will come a time quite quickly when the number of employees equal to the number of unemployed will decrease. And then either the pension system will burst, or the budget contingency Fund from which we today are funding the pension system deficit, or it will burst,» — said Putin at a meeting with volunteers in Kaliningrad.

Now the standard age of retirement in Russia is 60 and 55 years for men and women respectively prescribed by law the retirement age established in the 1930-ies. The question of raising the retirement age has been discussed for quite some time. The need for this is caused by growing life expectancy and the inability to provide a decent pension in circumstances when the number of employees in the country decreases, while the number of pensioners, by contrast, is growing. Today, in most countries the retirement age is 60-65 years.Putin spoke about the need for changes in pension legislation© Integrationalist retirement in different countries