Ukraine's Cabinet of Ministers intends to submit to the Verkhovna Rada a bill to abolish the taxation of pensions starting from May 1, 2016, Prime Minister Volodymyr Groysman has said.

"We need to introduce two bills to improve welfare of people and I am sure that the parliament will support these decisions. We will abolish the pension taxation from May 1, 2016," Groysman said during the Cabinet meeting on Wednesday.

The second bill will deal with raising social standards from December 1, 2016, not by 6%, as was envisaged previously, but by 10%.