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International

Russia to raise retirement age by 5 years for men, 8 for women

Russia’s Prime Minister Dmitry Medvedev

The Russian government is set to raise the retirement age by five years for men and by eight years for women.

A transcript of a government meeting published on its website Thursday outlined the proposed changes announced by Prime Minister Dmitry Medvedev.

By 2028 and starting next year, the retirement age for men will gradually rise to 65 years old from 60. For women, the age will gradually rise to 63 by 2034 from the current retirement age of 55.

The move will help the government increase state benefits beyond the level of inflation, said a translation of the transcript.

Mr. Medvedev cited a number of factors in making the changes necessary, including that life expectancy has grown by more than 30 years since the retirement age was set in the 1950s for certain participants. He said life expectancy is now almost 73.

He also said almost all countries have already raised the retirement age, citing Russia's current age as one of the lowest vs. European countries.

The government is proposing a "compensation measure" for women with 40 years of labor and men with 45 years, who will be eligible to retire two years earlier than the new retirement ages. Teachers, medical and creative workers already retire under specific conditions, with labor periods of service ranging from 15 to 30 years. Mr. Medvedev said this remains unchanged.