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The central bank estimated the contribution of pension adjustments to GDP growth

The central bank estimated the contribution of pension adjustments to GDP growth

MOSCOW, 15 September. / TASS /. The increase in the retirement age will make an extra contribution to the increase in GDP growth at the level of about 0.1 pp. in 2019 and 0.2-0.3 percentage points. in 2020-2021. This is stated in the report of the Central Bank of Russia on monetary policy.

"Together with measures to increase human capital and labor mobility, pension reform can mitigate the problem of staff shortages due to unfavorable demographic trends, which can ensure stable excessive wage growth over labor productivity growth." Taking into account the age structure of the population, the current share of employees pensioners, the dynamics of labor productivity of employees of different ages, the increase of the retirement age, according to the estimates of the Bank of Russia, additional contribution to increasing the rate of GDP growth of about 0.1 percent in 2019 and 0.2-0.3 percentage points in 2020-2021 years ", – the report said.

On 19 July, the Duma adopted a legislative proposal on changes to the pension system proposed by the government at first reading, which in particular points to an increase in the retirement age during the long transition period to 65 for men and 63 for women. A large-scale discussion of the initiative continues.

On 29 August with a television address, Russian President Vladimir Putin proposed to set the retirement age for women at 60, for men at the age of 65. In addition, he proposed to increase the unemployment benefit for people with pre-retirement age by 2019, introduce a preferential pension regime for mothers with many children (50-57 years), and also argue for the maintenance of tax benefits for land and property for citizens who have reached the current retirement age. At the same time, the Head of State noted that the responsibility of the employer (up to and including the criminal) should be introduced for unjustified dismissal or the refusal to hire persons who have reached the age of retirement.

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