Ukraine has a critical situation with pension provision: Ministry of Social Policy
Minister of Social Policy Oksana Zholnovich noted that amendments to the current legislation have already been developed and are being finalized so that joint pensions are fairer.
Only 9.5 million Ukrainians pay the single social contribution (EUS), and 11 million pensioners receive a pension. Because of this, amendments to the current legislation were developed to make joint and several pensions more fair. This was announced by the Minister of Social Policy, Oksana Zholnovich, during the High-Level Conference on the European Social Charter in Vilnius. informs UNN
“Today, we have a critical situation with pension provision, because 9.5 million people pay social security contributions, and 11 million pensioners receive a pension. This is a very unfavorable ratio in order to strengthen protection in the solidarity pension system for our citizens,” – says Zholnovich.
She added that changes to the current legislation have already been developed. Now they are at the finalization stage in order to make joint pensions more fair. According to Zholnovich, we are talking about the first part of a major reform aimed at unification into a single social code.
“We need to introduce a savings pension system to enable our citizens who are currently working to set aside their own savings to be able to provide for themselves in retirement in the future. Moreover, such savings are a very good domestic investment resource that we need for recovery.”, – noted the minister of social policy.
As of today, there are no conditions for the introduction of a accumulative pension system in Ukraine, as this requires the provision of clear legislation and the development of the stock market.
