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Ukrainian PM presents to Cabinet draft on pension reform, seeks to rise payments

Ukrainian PM presents to Cabinet draft on pension reform, seeks to rise paymentsPrime Minister of Ukraine Volodymyr Groysman at a governments meeting held on May 17, presented the main provisions of the draft law of Ukraine "On amendments to some Laws of Ukraine on increase of pensions" offered by the government in the framework of the pension system, which should be triggered starting October 1, 2017

While presenting the draft law, Volodymyr Groysman stressed that the core objective for the Cabinet has been and remains the development of the national economy and the opportunity to give citizens what is "rightfully theirs". To this end, at the beginning of the year, the government had increased the minimum wage twofold and considers now the issue that will allow increasing retirement payments.

"During the year we adopted a decision to increase the minimum wage twofold and seek to improve social standards for citizens. Our seniors should receive decent pensions - compensation for their tangible input to the work. The restoration of social fairness as well as the abolishment of leveling which completely discourages all", stressed the head of government.

He noted that now the Government paves the way to ensure an annual automatic indexation of pensions.

The Cabinet of Ministers of Ukraine at its meeting approved the draft law on the proposed amendments and submitted it to the National Reform Council for further consideration.

Further, the draft law will be sent to Parliament for discussion and adoption as required by the Medium-Term Action Plan of the Government and by commitments of Ukraine enshrined in the program of cooperation with international partners.

After the adoption of this draft law, I take full responsibility for the introduction of the aforesaid reform and for a positive result for the Ukrainian pensioners. I am committed to bear personal and political responsibility for this, the Prime Minister said.
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