Which sectors dream of the highest retirement income?

Nov 24, 2021

Rabota.ru and SberNPF held a joint study that revealed the pension plans of Russians working in eight sectors, including IT, banking, finance, and investment, medicine, education, construction, manufacturing and industry, cafés and restaurants, as well as transportation, logistics, and marketing. Over 6,000 people from all regions of Russia participated in the study.

The majority of respondents (61%), regardless of their profession, noted that they plan to continue working or earn extra money after reaching retirement age. The share of Russians who plan to keep working after retirement has risen significantly since last year: in a study conducted in November 2020, 39% of respondents planned on working or earning extra cash at 60-65 years old.

Most workaholics work in manufacturing and industry, with 69% of respondents in this sector planning to work through retirement. Following them are specialists from the fields of transportation and logistics (67%), medicine (66%), construction (nearly 65%), and banking and finance (64%). Teachers (59%) and IT staff (58%) also plan on actively earning extra cash in retirement. Among café and restaurant workers, 54% of respondents noted that they would work after retirement. Marketing specialists are the least inclined toward work post-retirement, with 48% of respondents mentioning full-time work or part-time work.

Twenty-seven percent of Russians surveyed would like to devote their retirement to caring for their family and grandchildren. One out of three (34%) café or restaurant employees dreams of doing this, alongside 33% of IT specialists, 29% of financiers, 28% of doctors, 26% of workers in manufacturing and industry, 25% of transport and logistics employees and marketing specialists, 24% of builders, and 22% of teachers.

Residents of Russia would also like to take time for themselves in retirement: enjoying their favorite hobbies, having fun, spending time in the countryside, looking after their health. This is the third most popular answer, chosen by 23% of study participants.

Sixteen percent of respondents would like to stop working at 50, with 19% of medical professionals choosing this answer – more often than respondents from other categories. Nonetheless, 45% of employees from the same field intend to keep working and earning money while they can.

Seventeen percent of IT specialists would also prefer to retire at 50, in addition to 16% of workers in transportation and logistics, marketing, and cafés and restaurants, and 15% of workers in manufacturing and industry.

The most respondents willing to work while they have the energy can be found in following fields: IT (46%), medicine (45%), marketing (45%), construction (44%), and manufacturing (42%).

Interestingly, not all respondents are willing to continue working full-time, part-time, or as a consultant in their own industry after officially retiring. Thirty-two percent of transportation and logistics workers, 29% of education professionals, 27% of financiers, and 26% of manufacturing and industry workers would like to change careers after they are 60-65.

Ideas about the level of income needed to ensure a comfortable retirement differ greatly among different professions. The highest requirements come from marketing professionals, financiers, IT specialists, with the most popular answer being “I would like to earn over RUB 100,000 per month” (37%, 36%, and 33% of respondents, respectively). Workers in transportation and logistics, construction, and manufacturing and industry are a little more modest, with the most popular answer being RUB 40,000-50,000 per month. Seventeen percent of drivers and 16% of builders and manufacturing specialists chose this answer. One out of five education workers would like to earn RUB 30,000–40,000 per month (the most frequent answer in the sector), and 16% of respondents from this field like to have RUB 100,000 per month or more to live on.

Vladimir Koritsky, commercial director, Rabota.ru:

“We can see that most Russians would like to continue working full-time or part-time after reaching the retirement age. At the same time, there is also a trend toward a change in profession among more mature job applicants, with over one-fourth considering moving to a new sector after officially retiring. There are a number of new opportunities for starting a career from scratch in almost all fields. The Professions section on the Rabota.ru website or mobile app will help you find a full-time or part-time job in a field that interests you. This section contains all the relevant information on different professions, salary levels for specialists, as well as a list of educational courses that will help you find a new job.”

Alexander Zaretsky, CEO, SberNPF:

“The study showed that an absolute majority of Russians (86%) would like to receive an additional pension from their employer in addition to their state pension. This type of system is already in place in Western countries and generates 30-50% of a pensioner's total income. We recommend that Russians who have not yet joined a corporate pension plan by their employer sort out their individual pension themselves. You can activate an individual pension plan, which is a tool for long term savings. It enables you to save up for retirement in accessible sums on a voluntary basis. The amount accumulated could very well provide you with social security and the income you desire later in your life.”