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Economy 2019-02-15T05:08:48+02:00
Ukrainian news
Reva: Government Likely To Begin Introducing 2nd Level Of Pension System In 2021

Reva: Government Likely To Begin Introducing 2nd Level Of Pension System In 2021

Social Policy Minister of Ukraine Andrii Reva says the government may start introduction of the second level of the pension system in 2021.

The press service of the Social Policy Ministry announced this in a statement, Ukrainian News Agency reports.

"We objectively assess the economic situation, and I hope that the introduction of the second level of the pension system may start in 2021... In 2021, the retirement age for men and women will become the same. According to our forecasts, the average wage in Ukraine will grow to UAH 11,000 by that time or even more if conditions are favorable. This means there will be, I hope, conditions for introduction of the second level of pensions," the press service quoted the Minister as saying.

According to Minister Reva, discussions on the second level of the pension system will begin after the adoption of the pension reform.

As Ukrainian News Agency earlier reported, the Verkhovna Rada of Ukraine is intending to increase the required pension insurance record to 25 years in 2018 and increasing it by one year annually to 35 years in 2028.

On June 21, 2017, the Cabinet of Ministers adopted a package of bills on the pension reform.

The International Monetary Fund and the World Bank supported the Cabinet of Ministers' bill on the pension reform in Ukraine.

The Federation of Trade Unions of Ukraine says the plan to increase the pension insurance record to 35 years does not meet Article 29 of the Convention of the International Labor Organization No.102.

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