Politics 2022-11-15T05:00:40+02:00
Ukrainian news
Rada To Unify Social Insurance Fund And Pension Fund To Reduce Administrative Costs

Rada To Unify Social Insurance Fund And Pension Fund To Reduce Administrative Costs

Rada, Verkhovna Rada, Pension Fund, Social Insurance Fund

The Verkhovna Rada intends to unify the Social Insurance Fund and the Pension Fund to reduce administrative costs.

231 MPs voted for the adoption of bill No. 3663 as a basis, with the minimum required 226, Ukrainian News Agency reports.

The document proposes to unify the administrative structures of the Pension Fund and the Social Insurance Fund (at the moment, the date of the unification is January 1, 2021) in order to reduce administrative costs and improve the performance of key functions related to the implementation of insurance payments.

It is proposed to bring the operational processes of funds into line with a unified administration system on the basis of the Pension Fund as the most developed network of territorial government bodies in the social insurance system.

At the same time, the bill provides for the approval for each type of social insurance of its own share of the unified social tax and the preparation of separate budgets, which will improve the justification for the use of funds and create incentives for the introduction of measures that reduce social risks for each type of social insurance.

Besides, it is proposed that the Cabinet of Ministers instruct to modernize the system of state social insurance and the State Register of Mandatory State Social Insurance to improve accounting and control over the implementation of insurance payments.

Also, the bill proposes to settle the issue of crediting funds from the sale of property of social insurance funds to replenish the revenue side of special budgets by types of social insurance.

As Ukrainian News Agency earlier reported, the Verkhovna Rada will consider a bill on amendments to the Tax Code on Thursday.

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