MOSCOW, October 1 (RAPSI) - The Federation Council’s Committee on budget and financial markets supported a bill on the reform of Russian pension system in its panel session on Monday.

The committee is a coauthor of the initiative.

On September 27, the State Duma, Russia’s lower house of parliament, adopted the pension system change bill in the third and final reading.

Under the draft law, the age of 65 years would be set as retirement age for men, and 60 years for women.

Moreover, mothers with many children would gain a right to retirement at 50-57 years. A labor experience term enabling to retire on a pension earlier would be lowered, from 45 to 42 for men, and from 40 to 37 for women.

Unemployment allowance is to be increased for persons nearing retirement age starting 2019.

On July 19, the State Duma passed the pension system bill in the first reading. Initially, the document, which was suggested in mid-June by the government, provided a gradual increase in the retirement age of up to 65 years for men and up to 63 years for women.

The President issued a set of suggestions on the pension system change on August 29. Putin proposed to lower the women’s retirement age to 60 years. Moreover, he made several proposals aimed to strengthen guarantees for persons nearing retirement age, in particular to protect them from discrimination and dismissal without a valid reason.

On September 25, the State Duma adopted in a final third reading a presidential bill on punishment for unjustified denial of employment and dismissal of persons nearing retirement age.

Moreover, several other bills to protect soon-to-retire persons are pending in the State Duma. Regional authorities have additionally supported a presidential proposal on retention of a right to benefits for preretirement citizens.