Abstract:The draft law on pension reform in the Russian Federation, introduced in June 2018, has caused a great resonance. The new pension reform of the Russian Federation provides gradual increase in the retirement age from 55 to 60 years for women and from 60 to 65 years for men. The prerequisites and reasons for the adoption of this law declared by the government of the Russian Federation caused confusion in academic circles, and the decision to raise the retirement age received a strong response from the public.
In this article, we will attempt to analyze global trends related to the demographic situation in different countries, and study the causes and consequences of fluctuations in the retirement age on the example of the Russian Federation and the People's Republic of China. The sample of the study is due to the actual reform of the pension system in these countries: the current Russian and Chinese experience shows that to increase the retirement age, it is necessary to take preliminary measures, such as, for example, raising the standard of living of the population to the level of developed countries. However, the reality shows a completely different development of events: with insufficient funding for the health institute, with the aging process gaining momentum, with a low overall level of welfare and the existing social polarization, steps are taken towards raising the retirement age, which threatens to increase discontent and, accordingly, increase the likelihood of social explosions.
Keywords:Global Retirement Index, infant mortality rate, pension reform, population quality of life, raising the retirement age
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