Young people’s attitude to the adjustment in retirement age in Russia

Changes in pension legislation and increasing retirement age are a global trend in modern society, caused by the steady raising in the proportion of older people. This trend leads to a decrease in the number of workers and, accordingly, to problems in labor market. Many Western countries have already implemented pension reforms aimed at increasing the retirement age, reducing pension contributions or changing the structure of pension savings. Russian Federation pension reform is related not only to the present demographic situation in the country, but also to the problem of ensuring the independence of the RF Pension Fund budget from the Federal budget transfers. However, studies show that a significant number of the surveyed Russian population is not positive about the raising the minimum retirement age. This is due to low life expectancy and quality of life, insufficient jobs, deteriorating health, and difficulty of finding jobs for young people entering the labor market for the first time. Therefore, taking into account the importance of young people for the labor market, it is necessary to investigate the factors of youth attitudes to the pension reform. To do this, the study examined issues related to demographic information, economic factors and determining respondents’ perception of the pension reform. The attitude of young people towards the raising the retirement age is not entirely positive, as the study has showed. There are identified the factors that impact this attitude, and among them significant factors — financial situation and income levels of the surveyed.

pension reform, retirement age, young people, retired people, labor market