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Russia Said to Eye Drastic Budget Measures to Rev Up Economy

  • State may raise pension age after presidential election
  • Russia weighs tax-system overhaul to boost budget revenue
Pensioners in Vladivostok, Russia, on Sept. 27, 2015.

Pensioners in Vladivostok, Russia, on Sept. 27, 2015.

Photographer: Andrey Rudakov/Bloomberg
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Russia’s government is said to be weighing unprecedented and unpopular steps that it says will revive growth, including increasing the retirement age and raising taxes on the rich, following the 2018 presidential election, according to a senior administration official.

The government is discussing lifting the pension age to 65 after the ballot, according to the official, who asked to remain unnamed because of the sensitive policy deliberations. In a bid to shore up the budget and reduce stress on the economy, the state is also considering a new wave of selling assets that can eclipse previous privatization drives, the official told reporters Friday.