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Economy 2019-04-15T04:57:31+03:00
Ukrainian news
IMF Calling For Revising Pension Reform Adopted In Ukraine

IMF Calling For Revising Pension Reform Adopted In Ukraine

The International Monetary Fund (IMF) calls for revising the law on pension reform adopted in Ukraine.

IMF Press Secretary Jerry Rice said this at a regular briefing meeting at Washington on Thursday, January 18, Ukrainian News Agency reports.

In particular, the IMF spokesperson criticized the law for several deficiencies.

"The law on pension reform [passed in Ukraine] includes a number of important provisions that are required to update the pension system [in Ukraine]. At the same time, there are certain deficiencies in the law that are unfair and counterincentive to the citizens who had worked for longer time and paid more taxes to the pension fund," Rice said.

According to Rice, this undermines the viability and sustainability of the pension reform, and the IMF consider that the above deficiencies must be rectified.

As Ukrainian News Agency earlier reported, on October 3, 2017, the Verkhovna Rada passed in second reading a bill on pension reform.

One of main changes introduced by the bill was raising a minimum pensionable service from 15 to 25 years of pensionable service starting from January 1, 2018.

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