Assessing the economic potential to increase the retirement age in Russian regions

Abstract

Subject. This article discusses the further development of the Russian compulsory pension insurance scheme. Objectives. The article aims to develop methodological approaches to assessing the regional aspect of pension insurance and security, showing a high degree of differentiation in the system's development in Russian regions. Methods. For the study, I used a factor analysis integral method. Results. Identifying demographic, socio-economic and financial factors, the article shows a significant variation between the maximum and minimum values of indicators reflecting the state of the pension system in the Russian regions, and significant differences in economic potential in terms of raising the retirement age. Relevance. The proposed original algorithm for assessing the region's readiness to raise the retirement age can be used for any subject of the Russian Federation. Testing of this technique is of exceptional importance in the face of impending economic collapse in the regions due to the effects of the COVID-19 pandemic, which will increase the negative effect of raising the retirement age.