Russia’s Duma approves increase of govt’s retirement age 1st read

MOSCOW, Dec 18 (PRIME) -- Russia’s State Duma, the parliament’s lower house, on Friday approved a bill in the first out of three required readings a bill that raises the retirement age for state officials to 65 years from 60 years.

Under the bill, the retirement age is to be increased by six months per year. The bill is to come in force from July 1, 2016, and will allow the state Pension Fund to save more than 622 million rubles in 2016 alone.

To become law, the bill must be approved by the State Duma in two more readings, further approved by the Federation Council, the parliament’s upper house, and signed by President Vladimir Putin.

(70.5806 rubles – U.S. $1)

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