Problems and Prospects of Russian Pension System: A Comparison with Organisation for Economic Cooperation and Development Countries
Problems and Prospects of Russian Pension System: A Comparison with Organisation for Economic Cooperation and Development Countries

Summary/Abstract: The aim of the article is to analyze the current status and trends of reforming pension system in Russia and compare them with indicators of OECD (Organisation for Economic Co-operation and Development) leading countries. The main methods used to achieve the objectives of the study are statistical and comparative analysis, in particular, of key indicators of the pension system in Russia and that of the EU countries, the USA, as well as the EEU. The article reveals new trends and identifies current problems and prospects of the public pension system, and proves the key role of private pension systems and voluntary plans to finance retirement income in the medium term. It has been proved that in the conditions of reforming the pension system, supporting the development of the market of private pension funds is an important issue, which in the future will be a key source of financing of retirement income and funds accumulated by private foundations can be used as a source of long- term investments, including those in priority infrastructure and innovative projects. Research materials may be used for the development and implementation of the state strategy of reform and develop the pension system in Russia, in this regard, they are of practical significance.

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