Rada forwards UAH 14 bln from state budget to cover Pension Fund deficit in early 2016

15:54, 25.12.2015 1 min read

The Verkhovna Rada on the proposal of the government has forwarded UAH 14 billion, foreseen in the national budget for subventions to local budgets and public debt service, to cover the deficit of the Pension Fund of Ukraine at the beginning of 2016.

Some 306 MPs voted for the corresponding draft law on amendments to supplement No. 3 to the law on the national budget 2015 regarding Pension Fund expenditure with the quorum being 226 votes.

According to an explanatory note to the document, its implementation will contribute to the timely payment of pensions in January next year. The expected volume of the fund's own revenues will be insufficient to ensure payment of pensions in January, as the planned balance of the fund's money as of the end of 2015 will be reduced due to the necessity to repay the loans issued to it, as well as due to the reduction of social security tax to 22%.