The age at which you’re eligible to receive a pension is going up across the world. People are living longer. And indebted governments are moving to ensure they can provide the basic needs they’ve promised to cover until death do us part.
In Australia, the pension age just nudged up to 65 and six months. By July 2023, the pension age will be 67. The government recently binned plans to gradually continue raising the age to 70. Though, we expect future governments will have little choice but to revisit that necessity.
Even in Russia, where life expectancies are far lower than in Australia, the pension age is heading higher.
Russia’s upper house of parliament has approved a bill to raise the pension age by five years — to 60 for women and 65 for men.
As the DPA reports, the bill is now just awaiting Russian President Vladimir Putin’s signature to become law. That’s almost a certainty. Putin has campaigned for the bill, highlighting its necessity to maintain economic stability.
Pension age will rise gradually
As in Australia, the pension age will be raised incrementally. It is slated to go up by one year, every year, until 2023.
The measure has been less than popular with many workers. Protests have been held throughout the country. But to little avail.
Part of the worker’s outrage stems from the fact that nearly half of the men in Russia are not expected to reach the age of 65. According to Russia’s federal statistics service, the average life expectancy in Russia is around 66 for men and 77 for women.
That means almost half of Russian men are unlikely to ever receive the age pension at all. While the average Russian woman is likely to enjoy it for 17 years.
Gender warriors…take note!