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Pension system and pension reform in Russia: Facts and assessment

Vol. 25, Iss. 1, JANUARY 2019

Received: 1 November 2018

Received in revised form: 15 November 2018

Accepted: 29 November 2018

Available online: 29 January 2019

Subject Heading: Financial system

JEL Classification: H50

Pages: 26–38

https://doi.org/10.24891/fc.25.1.26

Sukharev A.N. Tver State University (TSU), Tver, Russian Federation
su500005@yandex.ru

https://orcid.org/0000-0003-4324-0576

Subject The article investigates the financial aspects of the pension system in modern Russia.
Objectives The purpose is to reveal financial and economic indicators and closely related and affecting them demographic indicators characterizing the condition and dynamics of the pension system, to assess financial and economic aspects of raising the retirement age in Russia.
Methods The study draws on the formal logic, grouping, and analysis of statistical data.
Results I present the data describing the demographic indicators in Russia to assess the feasibility of raising the retirement age. The paper shows the degree of dependence of the pension system on transfers from the Federal budget and public finance deterioration. It underpins possible implications of raising the retirement age and their impact on the economic development of Russia.
Conclusions In Russia, there is a clear trend in increasing the life expectancy, which leads to an increase in the number of pensioners and financial burden on the Federal budget and the Pension Fund of the Russian Federation. Transfers to the Pension Fund are significant and lead to a deficit of the Federal budget. It requires balancing the Federal budget in future. In this regard, the increase in the retirement age is justified, as it reflects the new demographic realities.

Keywords: pension reform, retirement age, pension system, transfer

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