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The President stressed at the conference that the current system had become ineffective and had to be overhauled. The Russian leader said the new pension system had to meet the following requirements.

First, the state must guarantee minimum pension amounts, regardless of wage levels and work records, while the other part must depend on individuals’ earnings.

Second, pensions must be calculated based on an employee’s entire career, rather than just the last two years before retirement.

Third, pensions must be based on all wages earned, rather than just on part of them.

Fourth, the new pension system must preserve all the rights of retirees as stipulated by the law and the rights of individuals who are still working.