Yesterday, President Vladimir Putin asked ministers to consider how to reduce the minimum number of qualifying years of work from 40 to 35 years, otherwise it de facto means a higher pension age.
Saying this, Putin closed a side-avenue for the government to meet his promise not to increase the pension age. Under such predetermined conditions, in our view, the funded part of the pension system becomes less viable as with neither a higher pension age nor an increased number of qualifying years, the problem with the pension fund deficit would likely intensify.
Maxim Oreshkin, Daria Isakova
VTB Capital analyst
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