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Number of pensioners plummets at record pace in Russia

The number of pensioners in Russia continues to decline rapidly amid the pension reform as well as the pandemic that has caused a spike in mortality.

Credit: depositphotos.com
Credit: depositphotos.com

The number of Russians entitled to retirement benefits decreased by another 243,000 in the second quarter of 2021, Finanz reports citing Rosstat federal statistics service.

In the period between July 1, 2020 and July 1, 2021, this group of the Russian population declined by almost 2 million people — a record reduction since 1998 (that is, the entire period of available statistics). The total number of pensioners is about 42.3 mio now (the lowest since 2015).

The main reason for the trend is certainly the pension reform, explains economist Sergei Khestanov, Associate Professor at RANEPA. The government has announced a gradual rise in retirement age, to 65 for men and to 60 for women. The process will continue until 2028, the expert explained.

“As a result, less people retire every year. The government will probably move to raise the retirement age again in the future. It will also make sense to equalize it for men and women,” the expert believes. “Society is aging, and there are more and more pensioners per one worker.”

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