The long-term Government priority in the sphere of social policy is improving social standards. Prime Minister of Ukraine Denys Shmyhal stated in his opening speech at the Government session on March 10.

The Prime Minister recalled that the indexation of pensions for 8 million Ukrainians was launched on March 1 - the average increase in payments will amount to UAH 300.

"The policy of increasing pensions will continue. This year alone, 3 more stages of increase for different categories of pensioners are envisaged", Denys Shmyhal stressed.

At the same time, according to the Head of Government,  in order to increase pension payments 2-3 times, it is necessary to drastically change the approach, first of all by introducing the cumulative level of the pension system.

"Part of the taxes that a person pays must go to a personal pension account. Then these funds will be invested in reliable financial instruments. And when a person retires he will have both a general joint pension system  and a payment from his personal pension savings account. We will introduce such a system, and Ukrainian pensioners will finally be able to receive  decent payments," Denys Shmyhal underscored.