The Russians will be forced to work longer and receive pensionable salaries to get a retirement pension.
Russia’s Ministry of Labor has proposed a new pension reform project. The main changes, which caused a stir among the public, are the sharp increase in work experience from 5 to 15 years and mandatory insurance contributions to the pension fund. The amount of the contributions depends on the officialy shown salary. If an employee fails to provide the required employment history and gets a salary under the table, the old-age benefits are the only governmental aid he can hope for.
Moreover, even high salary cannot ensure carefree evening of life. The pension of the Russians with a regular income of 30,000 rubles a month and insurance contributions of 22% in 15 years will make only 7,855 rubles, which is just 500 rubles more than the living wage.
