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IMF Calls for Increasing Russia’s Retirement Age to 63 by 2030

Russia should overhaul its pension system and gradually increase the retirement age for men and women to 63 by 2030, said Antonio Spilimbergo, the head of the International Monetary Fund’s mission to the country.

“Compared to other countries, the pension age is low,” Spilimbergo told reporters in Moscow today. The retirement age is now 60 for men and 55 for women.

Changes to the pension system and introducing a budget rule are the “two pillars” for tighter Russian fiscal policy, he said.

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