The lack of a funded pension system in Ukraine is a crime against the state and Ukrainians. This was emphasized by Prime Minister Denys Shmyhal during a press conference on September 14.

"Over the past 30 years, due to the inaction of the authorities, Ukraine has failed to receive a cumulative scheme of pension provision. In fact, this is one of the reasons why today the pension in Ukraine is as it is, and not twice as high. In order for Ukrainians to have a decent pension in 10-15 years, today it is essential to start work on the introduction of the second stage of the pension system in Ukraine," the Head of Government stressed.

The Prime Minister noted that it is important to ensure that people have confidence in the accumulative scheme and the pension system in general. In the future, according to him, Ukraine should also develop the third stage of the pension system - voluntary contributions, which are already partially implemented.

"We already have several accumulated billions of hryvnias in private pension funds. This is critical as the introduction of a funded pension solves two tasks: providing a decent pension and a large investment resource. In 15 years, state and non-state pension funds accumulate from 40 to 50 billion dollars," stressed Denys Shmyhal.

The Prime Minister also noted that the stock market should be developing in parallel with the pension reform. In this regard, the Government has signed a memorandum with USAID, the EBRD and the American Chamber of Commerce on the establishment and development of stock market infrastructure.

"Yesterday we had talks with the World Bank. They also expressed readiness to actively participate in the project of development of the stock market and the second stage of the pension system," Denys Shmyhal summed up.