Ukraine should by the end of this year determine the model of the pension reform, Finance Minister has said at a briefing.

"We should define the model of the pension reform by the end of the year. It could include a gradual increase in the retirement age. By how much? It does not matter now," he said, commenting on the provisions of the memorandum with the International Monetary Fund (IMF).

The minister said the state has the task to ensure the stable operation of the pension system without the risks of failure of payments in future.

"Nobody will play populism. The parliament is responsible to the people," he added.

According to him, the decision on this issue will be the joint responsibility of the Cabinet of Ministers and the Verkhovna Rada.

"Is it necessary to stabilize the pension system? Definitely," he stressed.

As reported, pension payments from the national budget of Ukraine in the current year exceeded UAH 140 billion.