The article is dedicated to the analysis of possible consequences of the postponement of the retirement age to 63 years for men and women in Russia. The author discusses the influence of this measure both on the state economy and welfare of various population groups, as well as on the investments in the country’s human capital. Finally, conclusions on the ratio of expenses and benefits from the retirement age postponement have been made.
Highlights:
► pension systems at the turn of the XIX—XX centuries were developing strictly in line with the financial possibilities of the states; in this connection a high retirement age has been established in most countries in a natural way
► the retirement age is one of the regulators of the ratio of the number of pensioners to contributors, therefore, the higher the retirement age is, the more citizens become contributors and not pension payment recipients
► as for Russian economy, the retirement age postponement will decrease the share of national income recipients, which is especially important, given the population aging; in result, the amount of labor resources will increase, leading to a considerable employment growth
► the respondents note that pension payment is the state’s social responsibility to the citizens; increasing the pension age, the state shrinks from its duties, demonstrating its unreliability
► the respondents believe that life quality will dramatically decrease if there will be no pension payments (generally, this is confirmed by the study of poverty in Russia); at that, the respondents note that senior citizens have few employment opportunities
► unemployment appears also affects the population aged 55–63 who will not receive pension payments in the new conditions; those who became unemployed in their middle age will face especially severe conditions
► in case of a considerable retirement age postponement for women (from 55 to 63) many women will not be able to support the younger generation, since the state in such a way deprives them of the main source of income – pension
► a state profits when more and more employees are willing to invest in human capital; as the economists believe, a country with a higher level of the population’s education has a considerable potential for the economic growth in the future
► in the conditions of the population’s aging, the retirement age postponement may be considered as an efficient means of regulation of the ratio of the employed to the national income recipients in the economy
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