State Duma approves retirement age hike bill in 1st reading

MOSCOW, Jul 19 (PRIME) -- The State Duma, the Russian parliament’s lower house, on Thursday approved the first reading of a bill gradually raising the retirement age to 65 years for men and 63 years for women from 60 years and 55 years, respectively.

Speaker Vyacheslav Volodin said earlier on Thursday that amendments to the bill will be accepted until September 24.

The bill is aimed at ensuring annual pension growth at a level above inflation.

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.

Thus men born in 1959 and women born in 1964 will have a right to retire in 2020, at the age of 61 years and 56 years, respectively. Men born in 1960 and women born in 1965 will be able to retire in 2022, at the age of 62 years and 57 years, respectively, and so on.

To become law, the bill must be approved by the State Duma in two more readings and by the Federation Council, the upper house, in one reading before being signed by the president.

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