You're reading: Pension Fund deficit to fall to Hr 10 billion in 2012

The deficit of the Pension Fund of Ukraine in 2012 is estimated at about Hr 10 billion, Vice Premier and Minister of Social Policy Sergiy Tigipko has said.

"The best option for improving the situation at the Pension Fund is to adopt laws on legalization. The draft laws we have prepared could radically change the situation, including [achieving] the liquidation of the Pension Fund’s deficit next year," he said in an interview with Interfax-Ukraine.

In late November, the Pension Fund head estimated its deficit over 2011 at Hr 31 billion, with the total pension payments being about Hr 209 billion.

Tigipko also said that draft amendments to the law on the pension system with regard to the introduction of its second level have been prepared. Now they are being actively discussed at the Social Policy Ministry and the profile committee of the Verkhovna Rada.

"I hope we will adopt them next year. The bill contains important provisions that will allow the more clear organization of the work of the second level, and protect funds that will be transferred to the personal accounts of citizens," Tigipko said.