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Old 04-27-2015, 06:09 PM
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Mary Pat Campbell
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Join Date: Nov 2003
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RUSSIA
RETIREMENT AGE

http://news.yahoo.com/russia-ponders...QDBHNlYwNzcg--

Quote:
Moscow (AFP) - Taking care of pensioners who are his bedrock of support has been a key feature of President Vladimir Putin's rule, but as crisis bites, the Russian government is mooting an idea that has been taboo for 80 years: raising the retirement age.

Since 1932, Russian men have been eligible to retire at the age of 60 and women at the age of 55. In numerous professions, especially hazardous ones like mining, people may retire even earlier.

But the budget has come under strain as people have started to live longer, as Russian women now have a life expectancy of 76 and men 65.

Now, faced with a shrinking economy thanks to Western sanctions over Ukraine, an oil price that is half of what it was a year ago and a weak ruble, even Putin is cautiously bringing up the subject, which threatens to unleash protests and hurt his high ratings.

"The retirement age is one of the key issues," the president said in his annual phone-in session earlier this month. In 2016, Russia will have to spend three percent of its gross domestic product (GDP) on pensions -- over $50 billion -- he said.

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