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Economy 2019-03-15T04:08:18+02:00
Ukrainian news
Cash Mechanism For Monetizing Subsidies Will Begin Operating Simultaneously With Non-Cash Mechanism In March

Cash Mechanism For Monetizing Subsidies Will Begin Operating Simultaneously With Non-Cash Mechanism In March

Minister of Social Policy Andrii Reva has said that the cash mechanism for monetizing subsidies will begin operating simultaneously with the non-cash mechanism in March.

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

"There was a meeting with the President of Ukraine with the participation of the prime minister, a number of ministers, and stakeholders, namely the Ukrposhta postal company, the Naftogaz of Ukraine national energy company, the Pension Fund, public organizations, and representatives of condominiums. A political decision was made to switch people awarded subsidies from October to cash payments from March. This is being done to ensure that we have an idea of which mechanism is more efficient by May. We launched the non-cash mechanism on January 1, and we are now working on the cash mechanism – experimentally giving everyone money to see how it will work," he said.

According to Reva, both the cash and non-cash monetization mechanisms will be implemented simultaneously.

“We have 4 million recipients of subsidies today. The average amount of subsidy is UAH 1,500. That is, we will pay UAH 6 billion per month in cash,” the minister said.

Non-cash subsidies will be received by citizens that apply to the Social Security Administration after January 1.

As Ukrainian News Agency earlier reported, the first phase of monetization of housing subsidies began on January 1 this year.

Subsidies will be paid directly into the recipients’ personal bank accounts with the State Savings Bank (Oschadbank).

Больше новостей о: subsidies Andrii Reva

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