Economy 2023-10-15T06:31:38+03:00
Ukrainian news
Cabinet Approves Pension Fund’s Budget For 2021

Cabinet Approves Pension Fund’s Budget For 2021

Cabinet, budget, Cabinet of Ministers, Pension Fund

At a meeting on Wednesday, February 17, the Cabinet of Ministers approved the Pension Fund budget for 2021.

The Ministry of Social Policy said this in a statement, Ukrainian News Agency reports.

The total amount of income and expenses of the Pension Fund budget in 2021 is expected to amount to UAH 495.5 billion.

The Pension Fund's own income including balance at the beginning of the year was approved at UAH 327.957 billion, of which UAH 293.887 billion is the amount of a single contribution to compulsory state social insurance, allocated to compulsory state pension insurance.

It is also envisaged that UAH 195.319 billion will be allocated to the Pension Fund from the state budget, of which UAH 27.9 billion will be paid as a single fee for certain categories of persons; financial support for the payment of pensions, allowances and markups assigned under pension programs, and the deficit of the Pension Fund - UAH 167.3 billion.

Besides, UAH 145.3 billion from the state budget will be directed to the pension provision of military personnel, the payment of pensions, allowances and markups assigned under various pension programs, UAH 21.7 billion will be channelled for covering the deficit of funds of the Pension Fund, down UAH 16.7 billion year over year, UAH 360 million will be channelled for paying off arrears on pension payments, financed from the state budget, by a court decision.

The Ministry of Social Policy notes that the decision takes into account: an increase in payments to 65-year-old pensioners from January and December due to an increase in the minimum wage (the minimum pension is worth 40% of the minimum wage), compensations to persons who have turned 80 years old and who have reached 75 years old.

As Ukrainian News Agency earlier reported, the number of pensioners in Ukraine is 11.1 million, of whom 2.7 million work.

On January 20, Prime Minister Denys Shmyhal confirmed the planned indexation of pensions in 2021.

The Cabinet of Ministers has suggested that the Verkhovna Rada set the date for annual indexation of pensions for March 1 from 2022.

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