Reva explained, where will the money to increase pensions

The increase in receipts in the pension system will happen naturally due to the growth of the economy and legalization. This was reported by the press service of the Ministry of social policy of Ukraine.

“Resources for increasing the size of pensions will be provided at the expense of the shadows, and it’s not a theory and already existing practice. Today, thanks to the increase in the minimum wage and the introduction of real accountability for unscrupulous employers have managed to accumulate all the necessary resources for the next phase of pension reform, modernization of pensions for all pensioners”, – said the Minister sotspolitiki Andrey Reva.

Reva also reminded about the agreement with the international partners about fixing the deficit of the Pension Fund at the existing level and improving the retirement pension, due to the increase in own revenues of the pension system in the framework of the pension reform.


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“We have convinced our partners from the IMF that the current size of pensions to direct all available resources to eliminate the deficit of the Pension Fund just isn’t fair. Our colleagues agreed that the amount of the deficiency for 4 years fixed, and all own revenues of the Pension Fund will go to increase pensions”, – said the Minister.

He expects the Ministry of social policy, 4 years later, after reforming and stabilizing the pension system, along with a planned increase in pension provision will start the process of reducing the deficit of the Pension Fund. The increase in receipts in the pension system, in turn, will happen naturally due to the real growth of the economy and its legalization.

We will remind, until the end of September the deputies of the Verkhovna Rada promised to adopt the law on pension reformproposed by the Cabinet and adopted in the first reading on July 13. The pension reform envisages that from 1 October it must begin payments updated (increased with the increase of wages) pensions.