Road map allowing switch to funded pension system after reforming PAYG pension system designed

12:49, 25.07.2017 1 min read

A road map foreseeing that after reforming the current pay as you go (PAYG) pension system the country can switch to forming of the funded pension system has been designed, Ukrainian Prime Minister Volodymyr Groysman has said.

"We have designed a road map jointly with experts. It will allow at once after the adoption of the PAYG pension system reform switch to the formation of the funded pension system," he said on Channel 5 TV late on Monday.

The prime minister said that the formation of the funded pension system will be the next step at once after reforming the PAYG pension system.

Gorysman said that it is important that in September the parliament passed the pension reform. This will allow increasing pensions for 9 million Ukrainian citizens from October 1, 2017.