RUSSIA: World Bank Recommends Elevating Retirement Age

MOSCOW (Russian Business), November 20, 2007: Although the Russian economy is growing fast at the moment, it is highly recommended to conduct a correct social policy, the experts of the World Bank are assured. They note that economical advance should be maintained by means of reforms aimed at increase in labor productivity. According to the report made by the World Bank, the population of the Russian Federation will reduce by 12% (17 million people) by 2025 and the number of citizens of over 65 years old will amount to 18%. The experts suggest elevating the retirement age for both men and women to 65, which is expected to cut the “excessive concern for old people”. Source: Russian Business