Belarus unveils plan to raise retirement age by 3 years

Belarusian President Alexander Lukashenko signed a decree on Monday to raise the state retirement age by three years.

Under the decree, starting from Jan. 1, 2017, the standard pension age will gradually rise by six months every year until it reaches 63 years for men and 58 years for women, the press service of the president said.

The move is aimed to "improve pension provision amid changing social and demographic conditions," the press service said in a statement.

Last week, Lukashenko said he would consider pension reform to help the struggling economy.

This represents the first change in over 80 years to the country's retirement age, which is set at 55 years for women and 60 years for men.

There will be the same increase in the retirement age for those entitled to preferential, long-service and military pensions, the document said.

The decree also recommends employers and employees take part in voluntary pension insurance programs.

Source: XINHUA