The Ministry of Social Policy of Ukraine proposes to adopt a pension reform that will come into force in July 2025. This was reported by Komersant ukrainskyi
with reference to the press service of the Ministry.
Minister of Social Policy Oksana Zholnovych took part in the presentation of the Social Portal.
“During the event, it was announced that changes in pension provision would be introduced, which will come into force in July next year,” the statement said.
It is noted that the new pension legislation combines three key components :
- pAYG pension
- funded pension,
- voluntary pension savings.
“The combination of the pay-as-you-go and funded systems will ensure the replacement of 60% of a person’s earnings during his or her lifetime, which will help to increase the financial stability of citizens after retirement,” the Ministry of Social Policy said.
In addition, the social sector will undergo important changes next year.
The renewed social sector will operate on the basis of a competitive market for social services with a distinction between national-level services and those financed from local budgets. Every citizen of Ukraine will be able to submit online applications for social services, eliminating the need for personal visits to social security agencies, queues and unnecessary bureaucracy.