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Economic aspects of the efficiency of the Russian pension reform

Vol. 25, Iss. 8, AUGUST 2019

Received: 20 May 2019

Received in revised form: 28 June 2019

Accepted: 12 July 2019

Available online: 30 August 2019

Subject Heading: THEORY OF FINANCE

JEL Classification: H55

Pages: 1757–1770

https://doi.org/10.24891/fc.25.8.1757

Yashina N.I. National Research Lobachevsky State University of Nizhny Novgorod (UNN), Nizhny Novgorod, Russian Federation
sitnicof@mail.ru

ORCID id: not available

Romanov A.I. National Research Lobachevsky State University of Nizhny Novgorod (UNN), Nizhny Novgorod, Russian Federation
sitnicof@mail.ru

https://orcid.org/0000-0002-3773-4580

Subject The article reviews economic and financial aspects of the pension reform in Russia as is.
Objectives The research unveils and substantiates aspects reflecting the financial efficiency of the pension fund, evaluates the lifting of retirement age in Russia financially and economically.
Methods The research relies upon the analysis of statistical data, economic assessments and formal logic.
Results The article reports on demographic indicators in Russia in order to evaluate whether it is reasonable to raise the retirement age. We demonstrate the extent to which the pension reform depends on tranches from the federal budget, and deterioration of the public finance. The research justifies possible implications of the raised retirement age and its impact on Russia's economic development and proves that the inefficient financial performance of the pension fund. The article illustrates the life quality of retirees.
Conclusions and Relevance Pursuing the later retirement age and longer post-retirement period, Russia’s pension reforms are implemented to ease the financial burden of the federal budget and RF Pension Fund. However, such activities are not enough to allocate budgetary funds effectively. The issue can be addressed by modifying legal relationships between working population and the retirement mechanism on mutually beneficial terms. Hence, social security payments are expected to be distributed more effectively. The personalized retirement mechanism may become another factor for overcoming negative demographic aspects that may arise in the pension system. Pension funds should be redistributed at the definite interest rate substituting a salary and former labor relationships, with the proportion ranging from two to three workers per a retiree. The pension system will have to endure liabilities and obligations to each retiree on an individual basis.

Keywords: pension, pension funds, pension reform, financial activity

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