Putin signs into law bill on changes in pension system

MOSCOW, Oct 3 (PRIME) -- President Vladimir Putin on Wednesday signed into law a bill that raises the retirement age and reforms Russia’s pension system.

The Federation Council, the parliament’s upper house, the approved the bill earlier in the day.

The State Duma, the parliament’s lower house, in late July approved the first reading of a bill that gradually raises the retirement age to 65 years for men and 63 for women from 60 and 55 years, respectively. The bill, to take force from January 1, 2019, encompasses a transition period from 2019 till 2034 with an annual increase of the retirement age by one year. The measure caused heated public debates.

In August, Putin suggested softening the pension reform by cutting the retirement age for women to 60 years from 63 proposed by the government and keeping it at 65 for men. He also proposed a 200,000 ruble fine or up to 360 hours of obligatory works for employers who deny employment or dismiss pre-pensioners groundlessly. The amendments were included in the bill.

(65.2221 rubles – U.S. $1)

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