Putin proposes amendments to ease transition to new pension system format in televised address to nation

In a televised address to the nation, the Russian president proposed moves that would ease the transition to a new pension system, such as making it illegal to fire employees approaching retirement age.

In the much-anticipated address, Putin also acknowledged that in the early 2000s, he was against any changes to the Russian pension system and promised that there would not be any as long as he is the president. He stated that, at that time, it was a sound position due to the high unemployment rate, poverty, galloping inflation, and relatively low life expectancy.

Putin asked the Russian people to treat with understanding the changes – including the bill on the increase in the retirement age that was passed by the State Duma on the first reading on July 19 – as they will allow the pension system to maintain its financial stability for many years. The president said the reform will allow retirement payments to remain on the same level, and he promised that in the future they will be raised, both for current and future retirees.

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