Putin signed the law on pension reform

The President signed the pension reform law adopted by the State Duma on September 27, 2018 and approved by the Federation Council on October 3, 2018, according to the Kremlin website.

Details

• The head of state also signed federal laws “On Amendments to Articles 46 and 146 of the Budget Code of the Russian Federation in Part of Expanding the List of Budget Revenues of the Pension Fund of the Russian Federation”, “On Ratification of the Convention on Minimum Social Security Standards (Convention No. 102)”, “On Introduction amendments to the Labor Code of the Russian Federation”, adopted by the State Duma on September 27, 2018 and approved by the Federation Council on October 3, 2018, and the Federal Law “On Amendments to the Criminal Code of the Russian Federation”, adopted by the State Duma on September 25, 2018 and approved by the Federation Council 3 October 2018.
• The final configuration of the reform :
  • The retirement age for men and women will be raised by five years to 65 and 60 respectively.
  • Early retirement for men is possible from the age of 42, for women - from 37 years.
  • The funded pension will be paid as at the current retirement age - from the age of 55 for women and from 60 for men.
  • Retirees who stop working will receive full pension indexation for the past period.
  • People of pre-retirement age will be able to count on increased unemployment benefits.
  • Mothers with many children will be able to retire at the age of 50-57.

Context

• The government has proposed a pension reform the month after Putin's inauguration for a new 6-year term. The reform sparked a series of protests that drew tens of thousands across the country and led to a drop in the ratings of the country's leadership. At the end of August, the president proposed to correct the initial versions of the reform. The main change affected the retirement of women - 60 years instead of 63. Last week, the pension reform was adopted in the second and third readings .