IMF says possible to raise Russian pension age to 63 for men, women by 2030
MOSCOW. June 13. (Interfax) - The International Monetary Fund (IMF) considers it possible to raise the pension age in Russia to 63 years for both women and men by 2030, the mission head and advisor of the European department of the IMF Antonio Spilimbergo said at a press conference at Interfax's central office on Wednesday.
One of the most crucial components of the necessary tightening in Russia's tax and budgetary policy is pension reform. This is needed in light of the fact that Russia's population is aging and due to the fact that in comparison with other countries, its retirement age is lower. In a number of cases, early retirement is also possible, Spilimbergo said.
The IMF has calculated levels of pension spending as a percentage of GDP and how they change over the next 20 years if no changes occur in Russia, particularly demographic changes.
"To stabilize pension spending at its 2010 level, the retirement age should be raised for both men and women to 63 years by 2030 and 65 years by 2050, in line with increases in life expectancy," Spilimbergo said.
