Bloomberg News

IMF Says Russia Needs Higher Pension Age to Stabilize Spending

August 03, 2012

Russia should increase the retirement age for men and women to 63 by 2030 and 65 by 2050 to maintain spending on pensions at the current level of 8 percent of economic output, according to the International Monetary Fund.

Without an overhaul, pension payments will probably double to 16 percent of gross domestic product by 2050, Odd Per Brekk, the IMF’s senior representative in Moscow, told reporters in the Russian capital today, adding that he advises against reducing the size of pension payouts.

To contact the reporter on this story: Henry Meyer in Moscow at

To contact the editor responsible for this story: Paul Abelsky at

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