Retirement Age Should Rise in Russia, World Bank Says
A World Bank official urged Russia to raise its retirement age to offset the loss of 25 million members of its workforce by 2050.
With the demographics poised to shrink Russia's workforce dramatically in the next four decades, the country will have fewer taxpayers and more persons collecting pension benefits.
In Russia, the retirement age for men is 60 and for women 55. But it is even lower for some professions, RIA Novosti reported Wednesday.
World Bank Vice President for Europe and Central Asia Phillip Le Wairua said Russia should raise its retirement ages and increase the quality of healthcare.
Poor-quality medical treatments send costs of healthcare higher and prompt some to retire early, Le Wairua said.