Will Russia's retirement age to increase from 2019?

Will Russia's retirement age to increase from 2019?

The Russian government is discussing a retirement age increase by 3 months a year for men under 65 and for 6 months a year for women under 60 starting from 2019, the Director of the Russian Pension Fund, Anton Drozdov, said.

The measure is to reduce payments of the federal budget to the Pension Fund by 638 billion rubles by 2030 to 1.4% of the gross domestic product (GDP) from 2.5%.

The payroll tariff incentives will be partially replaced with subsidies to companies and new incentives will be prohibited. The payroll tax on high salaries is to be increased, as well as the payroll tax for facilities with hazardous work conditions.

The government also proposes starting charging a payroll tax on individual entrepreneurs, PRIME reports.

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