Students discussed the economic problems of modern Russia

On December 26, 2019 a round table discussion was held on the topic “Economic Issues of Modern Russia”. The event was organized by the School of Economics of the Institute of Economics, Management and Law.

The Table was attended by senior students of the School, who examined the issues of the Russian pension system. Various aspects of the pension reform were comprehensively analyzed.

In the welcoming speech, Dr. Osipovskaya, the moderator of the Table, Associate Professor of the Department of Finances and Credit, pointed out timeliness of the topic, posing the question: “Will we have a pension?”

Pension reform in Russia has been inevitable due to the current demographic situation in the country. Any attempts to postpone a solution to this problem could lead to the collapse of the Russian pension system. The main goal of the pension reform is to reduce the deficit of the Pension Fund of Russia and increase pension payments.

Thus, the main innovations are:

• Raising the retirement age

• Taking additional measures to protect retirees

• Increasing pensions annually. By 2024, the average pension will be R20,000.

• Indexing insurance pensions for inflation as of February 1, 2025

• The moratorium on the deduction of pension contributions has been extended until 2021.

• Introducing the concept of individual pension capital

Dr. Makarova, Senior Lecturer of the Department of Finance and Credit, spoke about the positive and the negative aspects of the pension reform, paying particular attention to the problem of the increased retirement age. According to statistics, about 43% of men will not live to be 65 and in 2018 the average life expectancy in Russia was 66.4 years for men and 77.2 years for women.

No less important is the question of the option of cashing out the pension before the retirement age.

Only R 5.53 trillion are now on the NPF’s balance. Almost 37 million citizens use the services of these funds. Given that the estimated lifelong payment term is 240 months, it averages to about 300 rubles a month. Thus, freezing the funded part of the pension will negatively affect the income of future pensioners.

The list of presentations included:

1. Ms. Karina Koroleva (“The modern pension system of Russia”)

2. Ms. Alina Ovsyannikova (“Pension system in foreign countries: China, Germany and Singapore”).

3. Mr. Ilya Kiselev (“Pension insurance in foreign countries”).

The best presentations will be published in the collected works "Youth of Science".

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