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Economy 2020-06-15T06:07:53+03:00
Ukrainian news
Pension Fund To Recalculate Pensions Under Pension Reform Within Day After Enactment Of Respective Law

Pension Fund To Recalculate Pensions Under Pension Reform Within Day After Enactment Of Respective Law

law, pension reform, Pension Fund, pensions

Bodies of the Pension Fund intend to recalculate pensions pursuant to the adopted pension reform within a day after enactment of respective law.

Board Chairperson of the Pension Fund Oleksii Zarudnyi said this at a conference call dedicated to introduction of the pension reform, Ukrainian News Agency reports.

He said that in October pensions will be paid in two stages.

As Ukrainian News Agency earlier reported, on October 3, the Verkhovna Rada of Ukraine adopted a law on pension reform that provides for increasing the necessary period of pensionable service to 25 years in 2018 and further increasing it annually until it reaches 35 years in 2028.

The bill was supported by the total of 122 of 138 Petro Poroshenko Bloc parliamentary faction members; 75 of 81 members of the People's Front faction; 14 of 26 members of the Samopomich Association faction; 17 of 20 members of the faction of the Radical Party of Oleh Liashko.

Besides, the bill was supported by 22 of 26 members of the Vidrodzhennia Party parliamentary group and 15 of 19 members of the Will of People parliamentary group.

A total of 23 out of 49 non-affiliated MPs also backed the document.

At the same time, it was supported by neither the Opposition bloc nor by the Batkivschyna All-Ukrainian Association faction.

According to the document, people with 25 years of pensionable service as of January 1, 2018, will retire at the age of 60 and the period of pensionable service will be increased by 12 months annually until it reaches 35 years in 2028.

Persons to have 15 years (not 25) of pensionable service as at January 1, 2018 will be able to retire being 63.

Persons to have 15 years (not 16) of pensionable service as at January 1, 2019 will be able to retire at 65.

To determine the right to retirement pension, the pensionable service will comprise: entrepreneurship activity under simplified taxation system (between January 1, 1998 and June 30, 2000 inclusively, confirmed with the entrepreneur certificate; between July 1, 2000 and December 31, 2017, on terms of paying insurance payments despite the paid amount); military service until December 31, 2017 inclusively; maternity leave between January 1, 2004 and June 30, 2013 inclusively; child care leave between January 1, 2004 and the moment all insurance fees are paid when the child reaches the age of three, etc.

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