The State Duma has adopted in the first reading the government bill raising the retirement age. The key objective of the bill is to accelerate the growth of pensions of non-working pensioners and retain insurance principles of the Russian pension system.
The bill is due to increase insurance pensions of non-working pensions by at least 7% as early as in 2019, which will twice exceed the forecasted actual inflation rates as of late 2018. The raise will depend on the amount of a particular pension. Given an average monthly pension of 14,400 rubles paid in 2018, an average yearly pension will grow by approximately 12,000 rubles in 2019.
The bill raises the retirement age to 65 years for men and 63 years for women. The transition to new retirement parameters will start on January 1, 2019, and continue for ten years for men and 16 years for women.
The retirement age will not grow for people with harmful or dangerous working conditions, mothers of many children, sight-impaired persons, parents and foster parents of children with disabilities, public transportation drivers, test pilots, and citizens affected by radiation or man-made accidents.
The early retirement right will be retained by certain professions, such as doctors, teachers, and actors, as well as people working in the Extreme North and similar areas. There will be no change in the labor-record requirements for those persons, yet their retirement age will be adjusted consistent with the transition period prescribed by the law.