Ukraine Wants To Reduce Retirement Age To 55 Years For Funded Pensions

The bill on the funded pension provides for a reduction in the retirement age to 55 years.

This is stated in the text of the document, Ukrainian News Agency reports.

According to the current legislation, men and women are entitled to an age pension after reaching 60, 63 or 65 years.

The bill introduces a new type of pension - a funded one.

The authors of the initiative propose to oblige all workers to form mandatory personal pension savings, due to which in the future they will receive an additional source of pension payments to their pensions from the solidarity system, which will to some extent improve their provision in old age.

The bill proposes to establish payments for the following pension:

• 1% of the salary of employees in 2023;
• 1.5% - in 2024;
• 2% - in 2025.

Such payments will need to be made up to 55 years, and after reaching this age, you can use the accumulated money.

Reducing the retirement age applies exclusively to non-state pension funds.

As Ukrainian News Agency earlier reported, the Committee on Social Policy recommends that the Rada adopt a law on the funded pension.