The “hole” in the Pension Fund will be closed in 10 years.

Pension Fund (PF) of Ukraine will be deficit-free in 5-10 years. This was stated by Prime Minister Volodymyr Groysman at a government meeting.

“Today, the shortage is more than 140 billion UAH. This despite the fact that 80% of Ukrainian pensioners living on minimum pensions. This suggests that the system is unable to provide social justice. Therefore, we will provide a deficit-free pension system for 7-10 years”, – said Groisman.

The Prime Minister explained that in this case the Pension Fund will be stable and there will be enough money for the future.

Recall that the pension reform increases the retirement age, but introduces requirements insurance experience: for retirement at age 60 will need to have 25 years of experience. If you experience 15 – 25 years of retirement will be to go in 63 years, less than 15 years – 65 years. People who have no insurance experience, can apply for social assistance upon reaching the age of 63. The amount of assistance will be determined on the basis of the family income of the pensioner.

All of the minimum insurance period will increase by 1 year every 12 months until 2028. Thus, from 2028 to retire at 60 will need to have 35 years of insurance experience.

The reform also cancels the appointment of civil servants pension for years of service and enters a single formula for calculating pensions, which binds it to the volume of contributions to the Pension Fund for life.

In the framework of the pension reform is also planned from October 1 this year to increase pensions, and to abolish the taxation of pensions to working pensioners.