The Cabinet of Ministers, Ukraine’s government, plans to introduce a funded pension system in Ukraine from 2021 and stimulate the development of a private pension system.
The Cabinet also intends to adapt to the EU laws Ukrainian legislation on private pension funds to enhance protection of property rights and interests of pensioners, according to the finalized action plan.
Pension spending at 12% of GDP, ensuring the minimum level of pensions at 40% of income earned, annual recalculations for 11 million pensioners, as well as attracting over 130,000 employees to the funded pension system are among the expected results of the said steps. (UNIAN/Business World Magazine)