UPDATE2: Minister: Pensions to grow 8–10% in 5–6 years after reform

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MOSCOW, Jun 18 (PRIME) -- Russian pensions may grow 8–10% over five or six years after the introduction of the pension reform from 2019, Labor and Social Protection Minister Maxim Topilin told Rossiya 24 television channel on Monday.

“Under our calculations, pensions should grow around 8–10% in real terms over five to six years, this is a serious increase, we’ve never had such a growth of real pensions, especially in recent years,” he said.

The government earlier submitted a bill raising the retirement age to 65 years from 60 years for men and to 63 years from 55 years for women gradually to the State Duma, the parliament’s lower house.

Andrei Isayev, deputy head of the United Russia party in the State Duma, said the State Duma may consider the bill in the first reading on July 19.

“This will probably be on July 19. Such a date is being discussed,” he said.

Isayev also said that the size of pensions could fall by around 30% by 2026 and the possibilities of their indexation will be depleted without reform.

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