Why has the Kremlin unexpectedly decided to introduce such an unpopular and politically dangerous pension reform? Sergei Kiselyov / Moskva News Agency The reform of Russia’s pension system has undoubtedly become the country’s main economic news of the year. Experts have discussed many of its aspects. Some point out the slim prospects most citizens have of reaching the extended retirement age. Others note the severity of the government’s violation of its social contract with its people. Then there are those who calculate the amount of budgetary savings and the deterioration in elderly Russians’ living standards.The opposition claims the reform has shaken the reputation of the authorities, who have made a few small trade-offs that will not compensate for the actual nature of the changes. Still, the main question remains unanswered: Why has the Kremlin unexpectedly decided to introduce such an unpopular and politically dangerous reform?Let’s take a quick look at the formal costs of the pension system. Insurance premiums collected from employers should reach about 5 trillion rubles in 2018. This will account for 62 percent of all spending by the Russian Pension Fund (RPF) unrelated to pension savings accounts. The deficit is expected to be compensated for by the… Read full this story
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