Facing protests and a noticeable dip in his approval ratings, Russian president Vladimir Putin said on Wednesday he was cutting a proposed retirement age for women from 63 to 60 years as he watered down draft legislation to reform the pensions system which has hurt his popularity and stirred protests. In his TV address, Putin put his name to changes to the pensions system, but he said he was softening parts of the reform, including cutting the proposed retirement age for women by three years to 60. However, he did not offer to change the proposed figure for men, which is rising from 60 to 65. The retirement age is supposed to be raised gradually — by one year every year over the next five years. Putin repeatedly referred to the audience as his “dear friends” and ended with: “I ask for your understanding.”

The original proposal to overhaul the pension system, first announced by Prime Minister Dmitry Medvedev just as the soccer World Cup kicked off here in June, would have raised the retirement age to 65 from 60 for men and to 63 from 55 for women. Though the proposed changes bring Russia into line with most other countries, many Russian families, especially in rural areas and small towns, are worried that their household incomes will be seriously dented at a time younger people often struggle to find a stable job. But the move to lower the retirement age suddenly brought the public’s focus back to Russia’s domestic malaise — and Putin’s approval rating dropped to a level last seen just before the annexation of Crimea. Older Russians have seen their pensions rise steadily under Putin and have been among his staunchest supporters, enjoying the stability they believe he has brought to the economy. In Russia, the average life expectancy for women is 78 and 67 for men. Without such a move, Russia's pension system "would crack and eventually collapse," he said, adding: "I'm asking you to be understanding of this." Russia's economy has been hobbled over the past few years by Western sanctions following the annexation of Crimea and lower oil prices. In addition to lowering the proposed retirement age for women, President Putin voiced other suggestions aimed at softening the blow – including an idea to keep old-age benefits such as tax breaks for senior citizens even before they reach the retirement age.
Russian President Vladimir Putin announces a softening of the pension plan presented in June. The plan's original announcement has led to protests and a dip in Putin's approval ratings.