11:51 18.01.2021

PM counts on introduction of funded pension system in Ukraine in 2021

2 min read
PM counts on introduction of funded pension system in Ukraine in 2021

Prime Minister Denys Shmyhal expects that the law on the introduction of the fully-funded pension system in Ukraine will be adopted in 2021.

"We and the Ministry of Social Policy have fully developed a strategy for introducing a funded pension system. We discussed it and agreed on all the nuances with the relevant committee of the Verkhovna Rada. Now this issue is in the legislative plane. The bill has been prepared, we will ask parliamentarians to adopt it as soon as possible so that this year this funded pension system was introduced," Shmyhal said in an exclusive interview with Interfax-Ukraine.

The prime minister said that Ukraine needs the funded pension system and considers it unacceptable that over 30 years of independence this has not been done.

"Another crime, in my opinion, is the absence of a civilized stock market in Ukraine. There is a presentation prepared by the National Securities and Stock Markets Commission in cooperation with USAID, EBRD and the American Chamber of Commerce. They are ready to provide funding," he added.

According to Shmyhal, a memorandum will be signed in the near future, after which its implementation will begin. "We want the normal stock market to start working in a year. But there is a lot of legislative work. Therefore, taking into account all the nuances of the bureaucracy, it may take three years for its full-fledged work," the prime minister said.

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