The International Monetary Fund (IMF) thinks the pension age in Russia should be increased to 63 years for both men and women, IMF Advisor Antonio Spilimbergo said on Wednesday.
Russia’s Finance Ministry has proposed increasing the pension age in Russia from 2015. The ministry said the age should be raised gradually, by six months for women and three months for men annually until both categories reach an equal retirement age. Currently, women retire at the age of 55 and men at the age of 60 in Russia.
The retirement age in Russia is much lower than in other European countries. Miners, lumberjacks, pilots, cosmonauts, as well as those in a dozen other professions are entitled to retire even earlier.
The World Bank has also recommended Russia raise the retirement age, following forecasts suggesting Russia’s economically-active population will shrink by 25 million people to 2050 due to unfavorable demographic trends.