Pension reform to ban combining pension and work

17:34, 16.01.2017 1 min read

Minister of Social Policy of Ukraine Andriy Reva predicts that during the pension reform, which provides for the abolition of premiums and the possibility of "buying" pension insurance record lacking for getting pension, the deficit of the Pension Fund will disappear in 2024.

The ministry's press service said the reduction of insurance record might become one of the main components of the pension reform. According to Reva, the matter concerns about setting this figure at 15 years from January 1, 2018, and then 30% of citizens will be able to qualify for state pension provision.

"This term is given for all young people to start paying contributions and senior persons to begin organizing their insurance pension matters with social security tax," the report reads.

According to the minister, there will be given an opportunity to buy these 15 years of insurance record for about UAH 130,000: UAH 704 per month for 15 years of experience.

It is also planned to consider at the legislative level that persons who apply for pension cannot simultaneously work.