Pension reform approved in first reading

UKRAINE - In Brief 13 Jul 2017 by Dmytro Boyarchuk
Today Ukrainian parliament approved pension reform bill in first reading. Put it different MPs accepted the idea of pension reform in general but details will be under revision. Among points that Minister of social policy Andriy Reva promised to consider for the second round are pension fund auditing and creation of register of social assistance recipients. Recall current pension reform presumes increase in years of service (before being vested in a pension) up to 25 years from 15 years previously (35 years by 2028). At the same time, retirement age was left unchanged at 60 years. The draft law also envisages increase in pension for current pensioners – so called ‘modernization’ of pensions. Approval of the draft law only in the first reading is just a symbolic courtesy to the IMF. It means that the game around this reform is much more complicated. And the story is not about improving the quality of legislation. If the authority needs some law it is voted in whatever the quality of the bill. Apparently, for some reason President Poroshenko decided to postpone this reform. Given that the draft law envisages immediate pension rise this decision might be related to the approaching election season.

Now read on...

Register to sample a report

Register
Sign-in
Forgot your password?
Copyright 2024 GlobalSource Partners. All rights reserved. This is prepared for GlobalSource Partners’ clients and may not be redistributed, reproduced, stored in a retrieval system, retransmitted or disclosed, in whole or in part, or in any form or manner, without the express written consent of GlobalSource Partners. This is distributed simultaneously to our website and other portals used by GlobalSource Partners. The information herein was obtained from various sources and is believed to be reliable but GlobalSource Partners does not warrant its completeness or accuracy. Neither GlobalSource Partners nor any Country Analyst, officer or employee accepts any liability whatsoever for any direct, indirect or consequential damages or losses rising from any use of this or its contents.