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Increase in Retirement Age: Experience of Foreign Countries and the Assessment of the Effects for Russia

Author

Listed:
  • Yuri Ì. Gorlin

    (Russian Presidential Academy of National Economy and Public Administration (RANEPA), Moscow 119571, Russia)

  • Elena E. Grishina

    (Russian Presidential Academy of National Economy and Public Administration (RANEPA), Moscow 119571, Russia)

  • Victor Y. Lyashok

    (Russian Presidential Academy of National Economy and Public Administration (RANEPA), Moscow 119571, Russia; Higher School of Economics, Moscow 101000, Russia)

  • Vitaly V. Fedorov

    (Russian Presidential Academy of National Economy and Public Administration (RANEPA), Moscow 119571, Russia)

Abstract

The article analyzes the foreign experience of increase in the retirement age. The authors investigate the boundaries and rates of increase in the retirement age, taking into account different, such as life expectancy (including life expectancy of persons older the retirement age), the requirements for the length of service and the availability of early retirement opportunities. The article gives an actuarial estimation of economic effects of raising the retirement age in relation to Russian conditions. It is shown that raising of the retirement age makes it possible to achieve a long-term pension system balance with the increase in pensions in real terms.

Suggested Citation

  • Yuri Ì. Gorlin & Elena E. Grishina & Victor Y. Lyashok & Vitaly V. Fedorov, 2017. "Increase in Retirement Age: Experience of Foreign Countries and the Assessment of the Effects for Russia," Finansovyj žhurnal — Financial Journal, Financial Research Institute, Moscow 125375, Russia, issue 6, pages 85-97, December.
    • Handle: RePEc:fru:finjrn:170607:p:85-97
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    References listed on IDEAS

    as
    1. Gurvich, E., 2010. "Reform of 2010: are the Long-Term Problems of the Pension System Properly Addressed?," Journal of the New Economic Association, New Economic Association, issue 6, pages 98-119.
    2. Vladimir Nazarov & Sergey Sinelnikov, 2009. "On the strategy for improving the Russian pension reform," Working Papers 0008, Gaidar Institute for Economic Policy, revised 2009.
    3. Maleva, T. & Sinyavskaya, O., 2010. "Pension Age Increase: Pro et Contra," Journal of the New Economic Association, New Economic Association, issue 8, pages 117-137.
    4. Grishina, Elena (Гришина, Елена) & Dormidontova, Yulia (Дормидонтова, Юлия) & Lyashok, Viktor (Ляшок, Виктор), 2014. "The impact of informal employment in the sustainability of the pension system in Russia [Влияние Неформальной Занятости На Устойчивость Пенсионной Системы В России]," Ekonomicheskaya Politika / Economic Policy, Russian Presidential Academy of National Economy and Public Administration, vol. 6, pages 7-24, December.
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    Citations

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    Cited by:

    1. Gorlin, Yury & Kartseva, Marina & Lyashok, Victor, 2019. "The impact of the retirement age increase on the poverty level of the Russian population: Microsimulation analysis," Applied Econometrics, Russian Presidential Academy of National Economy and Public Administration (RANEPA), vol. 54, pages 26-50.

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    More about this item

    Keywords

    pension age; ageing; pension reform; early retirement; mandatory pension insurance; long-term pension system balance;
    All these keywords.

    JEL classification:

    • J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies

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