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“Superpower” ran out of money and increases pension age to all Russians by 5 years.

1,535 views · Published 31 August 2018 · 2:55 · Indexed 30 October 2026

Channel: NewsFromUkraine · 2018 · News & Politics

Facing protests and a noticeable dip in his approval ratings, President Putin made rare concessions Wednesday to an unpopular pension reform package that increased the retirement age for Russians.

The general idea of increasing the retirement age was justified because of Russia’s economy and demographic trends and “cannot be put off any longer,” Putin said.

Without such a move, Russia’s pension system “would crack and eventually collapse,” he said, adding: “I’m asking you to be understanding of this.”

Russia’s economy has been hobbled in recent years by falling oil prices and Western sanctions over the 2014 annexation of Crimea. The country also faces a demographic crisis in the coming years as a result of the extremely low birth rates that followed the collapse of the Soviet Union.

Read more:
https://www.washingtonpost.com/business/facing-protests-russias-putin-offers-pension-concessions/2018/08/29/3a3e7066-ab70-11e8-9a7d-cd30504ff902_story.html?noredirect=on&utm_term=.9b5c58d7b307

“Superpower” ran out of money and increases pension age to all Russians by 5 years.

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