On Wednesday,
April 29, at its session the Cabinet of Ministers of Ukraine approved a package
of four bills that are designed to cardinally change the principles of
functioning of the Ukrainian pension system.
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The Ukrainian
Government offers a new pension scheme for Ukrainian citizens, which determines
that pensions shall be financed from three sources – solidarity, cumulative and
non-public levels.
The existing
solidarity system will be improved by abolishing inappropriate functions and
elimination of special pensions from January 1, 2016. At this, a system of
professional pensions for the categories of beneficiaries who really need it
will be preserved.
According to the
officials, the State guarantees to the citizens control over preserving and use
of funds in the cumulative system. Under the aegis of the Pension Fund a
special body will be established to deal with public administration of funds
people have accumulated. In particular, the Council of the cumulative fund will
engage companies on a competitive basis to manage the assets whose activities
will be supervised by the authorities.
Prime Minister of
Ukraine Arseniy Yatsenyuk noted that the draft law on the cumulative pension
system would be submitted by the Government of Ukraine to the Verkhovna Rada as
soon as possible.
Moreover, he added
that the pension system establishes European standards in pension insurance and
will become another factor to facilitate development of the Ukrainian economy:
"These funds will be invested directly into the economy of Ukraine and new
jobs."
The bills on the
reform of the pension system were drafted by specialists of the Cabinet of
Ministers following consultations with the public, national and foreign
experts. The package of legislative initiatives was also agreed by members of
the parliamentary coalition.
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