The Russian government approved increase in retirement age of from 60 to 65 for men and from 55 to 63 for women. The decision comes into effect starting from the upcoming year. “Despite the late start on this issue, it is proposed to introduce a sufficiently long transition period and to start it from 2019 to step-by-step reach retirement at 65 for men in 2028 and 63 years for women in 2034”, the Prime Minister, Dmitry Medvedev, commented on the issue. “As a compensation measure, we propose to provide an opportunity for all persons who have a long record of service, 40 years for women, 45 years for men, to retire two years earlier than the generally established retirement age in the conditions of its increase,” he added.

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