Deputy Prime Minister of Ukraine Pavlo Rozenko expects that the increase of minimum wage would result in the increase of payments to the Pension Fund by UAH 7-10 billion.

"There is no policy in the government's decision. This is clearly calculated economic and social decision that entails absolutely positive things from the point of view of fairness in remuneration of labor and from the point of view of replenishing the Pension Fund of Ukraine. We understand that the increase of wages results in the increase of revenue of the Pension Fund of Ukraine. We expect that the effect from this step will be at least UAH 7-10 billion to the Pension Fund at the first stage," Rozenko told Espreso TV on Thursday.

He said that the government is looking for ways to reduce the deficit of the Pension Fund. The draft 2017 national budget gas the deficit of the Pension Fund of UAH 150 billion.