Russia mulls raising retirement age

Taking care of pensioners who are his bedrock of support has been a key feature of Russian President Vladimir Putin's rule, but as crises bite, the Russian government is mulling an idea that has been taboo for 80 years - raising the retirement age. Since 1932, Russian men have been eligible to retire at the age of 60 and women at the age of 55. In numerous professions, especially hazardous ones like mining, people may retire even earlier. But the budget has come under strain as people have started to live longer, as Russian women now have a life expectancy of 76 and men 65. In 2016, Russia will have to spend three percent of its gross domestic product on pensions - over $50 billion - Putin said. "Here is the question: Where, in fact, will we get this money?" he asked. International institutions have long pressed Russia to reform its pension system, but the Kremlin has resisted despite constant warnings by fiscal hawks that it poses an unbearable burden on the budget.