New pension reform in Russia set to boost citizen welfare.
The current pension system in Russia is not working well for citizens, employers, or the government. To fix this, a new pension reform is being proposed. The goal is to increase pensions for retired Russians by changing to a defined contribution system. This new system will encourage employees to declare their full salary, helping to bring wages out of the shadow economy. The old system caused social problems and strained the economy, but the new system aims to create a stable investment resource for the future.