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  • Pavlo Rozenko: Pension indexation launched in March is not the last improvement, it is just the beginning
    Service of the Deputy Prime Minister of Ukraine, posted 06 March 2019 12:19

    Deputy Prime Minister of Ukraine Pavlo Rozenko stressed that the modernization of pensions, which is launched in March this year, is not the last increase in payments, but only the beginning in the process of improvement of pensions of Ukrainian citizens. The Deputy Prime Minister announced on air of the TV channel NewsOne.

    "Currently we are in the stage of reforming the pension system. This process triggered in October of 2017 and now, since March 1, when the pension is being recalculated, only one of the stages of the pension reform is taking place", he said, adding that from now on the recalculation of pensions will occur automatically and on a regular basis. "That is just the beginning, this is not the last increase in pensions", said the Deputy Prime Minister.

    Pavlo Rozenko also noted that the additional resource to be received by the Pension Fund of Ukraine will be directed to increase seniority payments, as it happened in connection with the receipt of additional funds from preferential customs clearance of cars with European vehicle registration plates.

    "At the end of last year, at the initiative of the President of Ukraine, the law on customs clearance of cars with European vehicle registration plates was adopted, under which all payments from the clearance of cars during this grace period were transferred to the Pension Fund account. On February 22, the preferential customs clearance period expired, and we saw that there is an additional resource of the Pension Fund, part of which will be used to conduct current indexation, and over UAH 4.5 billion of over-planned revenues from the Pension Fund will be used just for additional payments to those pensioners who have a significant seniority, but not at their fault, retired when getting small salaries and therefore receive scant pension payments. Obviously, these additional funds that have been transferred to the Pension Fund accounts should be used to pay pensions rather than sit and wait until the elections wind up. People need money now", he stressed.

    Pavlo Rozenko also added that the pension system of Ukraine will become compeletely fair when the three-level pension system is fully operational. "When Ukrainians start to receive a pension not from one source, as it is now, but from 3 sources: the solidarity system, the accumulation level and non-government pension insurance", explained the Deputy Prime Minister.