Ukrainian Social Policy Minister Natalia Korolevska has said she hopes for the introduction of a defined contribution pension system in early 2015.
“I think we need to make amendments to the legislation, and should not link the introduction of the second level of the pension system with a deficit-free Pension Fund, as one does not interfere with the other. By not implementing the second level, we are hampering people’s right to influence their future pensions. I believe that our goal is to start to introduce the second level of the pension reform at the end of 2014 – the beginning of 2015,” she said at a briefing on Wednesday.
Korolevska said that in order to eliminate the deficit of the Pension Fund, the fund should get rid of its non-core functions of social payments. According to her, they were currently negotiating this matter with the Finance Ministry.
