Daily Memo: Russian Pension Reform, European Uncertainty

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GPF Staff |October 4, 2018

Russian pension reform is now official. The new law, which President Vladimir Putin signed yesterday, raises the official retirement age by five years, making the age of retirement 65 for men and 60 for women. It’s the sixth major pension reform enacted since the Soviet Union fell, and it comes at a huge political cost to Putin. The president’s famously high approval rating now stands at just 58 percent – 17 points lower than where it stood last year, according to the Levada Center. (The Russian army has a higher public approval rating at 66 percent.) Putin’s candidates failed to win gubernatorial elections in districts that tend to receive a lot of government investment and subsidies. In the past month, six governors have either quit or been replaced by officials hand-picked by Putin, no doubt part of the lead-up to 2019 gubernatorial elections. Putin raised the retirement age simply because the government needs more money. Higher oil prices have helped, but they can go only s

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