Problem of Reforming the Pension System in Russia

T. Omelchuk and V. Popov
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T. Omelchuk: Financial University under the Government of the Russian Federation, Moscow, Russia
V. Popov: Financial University under the Government of the Russian Federation, Moscow, Russia

Journal of the New Economic Association, 2014, vol. 23, issue 3, 107-129

Abstract: This paper investigates individual pensions and long-term financial sustainability of the pension system in the face of the current pension legislation from 2002 to 2015 and under the new pension formula , which comes into force in 2015, according to the Federal Law "On Insurance Pensions". The authors examined the problems and risks of introducing a new pension formula and suggested measures aimed at strengthening the long-term sustainability of the pension system and stimulating later pensions, both in terms of retention of the existing pension formula since 2002 and in terms of introducing a new pension formula from 2015. The change in the legislation on financing of early pensions is analyzed.

Keywords: pension reform; long-term financial sustainability of pension system; replacement rate; individual pensions; pension formula (search for similar items in EconPapers)
JEL-codes: E62 E69 (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:nea:journl:y:2014:i:23:p:107-129

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