Ukraine is to raise the retirement age as promised to IMF

Ukraine is to raise the retirement age as promised to IMFUkraine pledged to the IMF to gradually raise the retirement age.

Ukraine promised by end-December 2016 to adopt legislation to gradually adjust the statutory retirement age, according to Memorandum between IMF and Ukraine.

The measure has been taken to "reduce the very high pension fund deficit" and "to improve its fairness and ability to provide adequate pensions over time," it goes in a report.

Pension reform is to further reduce the scope for early retirement, to tighten the eligibility criteria for the minimum pension and to consolidate pension legislation, which is now spread across about two dozen laws.

Ukraine pledged to ensure a single principle for providing pensions without privileges for any occupation.

The counry inrends to ensure equitable tax treatment of pensions, to better link benefits to contributions, also to encourage the declaration of actual incomes.

" We will separate various categorical pension supplements from the labor pensions, bring their financing from the pension fund to the state budget and improve their targeting starting from 2017 to make the system more equitable and free up resources for more efficient poverty alleviation," as stated in Memorandum.

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