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Retiring workers clock an average of 8.2 years on the job

Remarkable Milestone Reached: Since the tracking began in 2011, the periods in question have increased significantly, now standing at a record-breaking six years.

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Economic milestone reached: Since the tracking began in 2011, the duration has more than doubled,...
Economic milestone reached: Since the tracking began in 2011, the duration has more than doubled, now standing at a remarkable six years. - Business Quarter, Yekaterinburg (paraphrased)

Retiring workers clock an average of 8.2 years on the job

Working Retirees in Russia: A New Trend on the Rise

Retirement isn't a permanent goodbye to the workforce for many Russians. On average, these retirees continue to work for another 8.2 years, with the number increasing over the years. In 2022, the work experience of pensioners reached an all-time high of 7.47 years, according to TASS.

The duration of work depends on the individual's pension status. Those retiring at the general retirement age work for an average of just 2.2 years. On the other hand, those eligible for early or military pensions maintain their employability for 8.1 years, while those receiving disability payments do so for 13.1 years.

However, the proportion of working pensioners in Russia is steadily declining. As of the end of 2024, it dropped to 17%, compared to 23% in 2011, 22.3% in 2014, and 20% in 2020.

Interestingly, a survey by Avito Raboty reveals that 61% of Russians plan to continue working post-retirement. Of these, 35% want to work full-time,while 18% are considering part-time or freelance work.

People want to stay relevant and contribute (28%), connect with new individuals (21%), and stay updated with technology and grow professionally (19%). However, the main reasons for continuing to work are the need for financial stability independent of pension payments (54% of respondents), an active lifestyle (39%), and a sense of security (37%).

Nine percent of respondents are even thinking about starting their own business. As previously reported, the number of Russians aged 56 and over who decided to open an IP or LLC for the first time increased by 37% over nine months in 2024.

It's worth noting that the share of employees aged 46-65 makes up 42% of all working Russians, while those under 28 account for only 13%. For more information on how the age threshold is changing due to labor shortages, check out our article.

Our website previously reported that, as of the beginning of 2024, there were 41.08 million pensioners in Russia, of whom 7.87 million were working.

>>> How Companies Should Treat Employees Aged 50+: A Shifting Landscape

As the number of older job seekers is set to increase, companies are reassessing how they treat employees aged 50 and over. This shift is driven by both demographic trends and evolving workforce dynamics, as well as recent policy changes.

Some companies are recognizing the value of older workers' experience and skills, leading to more inclusive hiring and retention practices that cater to older employees. The focus on equal opportunity and meritocracy is also growing, with policy changes suggesting a potential loosening of certain protections against age discrimination.

Still, federal laws like the Age Discrimination in Employment Act (ADEA) protect workers aged 40 and above from discrimination in employment. Several states also have similar laws that provide additional protection for older workers.

To attract and support older workers, companies are tailoring their recruitment, development, and retention strategies. This includes designing roles that leverage older employees' expertise, offering flexible work arrangements, and encouraging continuous skill development.

Despite regulatory changes, it's crucial for companies to remain compliant with anti-discrimination laws and treat older workers fairly and equitably. By doing so, companies can tap into a growing pool of talented, experienced, and dedicated workers that can contribute significantly to their success.

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  1. I'm not sure if companies in Russia are fully prepared for the increasing number of working retirees in 2024, as the proportion of working pensioners is declining, but the survey by Avito Raboty shows that 61% of Russians plan to continue working post-retirement.
  2. In the business world, understanding the financial needs and career goals of working retirees will be crucial for interacting with this growing demographic in Russia by 2024. On average, these retirees continue to work for another 8.2 years, with many opting for full-time or part-time work.
  3. As more Russians approach retirement age, finance and business sectors might need to consider adaptations in their approaches to careers and pensions, as many retirees aim to maintain financial stability independent of pension payments (54% of respondents), pursue an active lifestyle (39%), and find security (37%) through work.
  4. With the average working retiree in Russia set to retire around the year 2024, it is essential for companies to understand their motivations and tailor their business strategies accordingly to ensure successful interactions and corporate growth in the coming years.

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