Minister of Social Policy Maryna Lazebna expected the adoption of the bill on the funded pension system in 2021 and the launch of the system from January 1, 2023.

"We are working to ensure that a consolidated and compromise law on the introduction of a funded pension system in Ukraine will be adopted this year," Lazebna said on the air of the Savik Shuster's Freedom of Speech television program on Friday evening.

The minister said that it is important to adopt this document in 2021 in order to then prepare all the necessary by-laws and determine when the contributions will start.

"Therefore, I hope 2021 will be the year of the adoption of the law, 2022 will be the year of the adoption of all the necessary by-laws and the preparation of the entire infrastructure, and January 1, 2023, will be the year when working people, those categories that will be determined by the law, will start using their savings accounts," she said.

Lazebna said that it is envisaged that the funded pension system will be compulsory for people under 50, and for the rest it will be voluntary.