Pension Fund falls short of US$143 mln over quarantine benefits to entrepreneurs – minister

Photo from UNIAN Ukrainian Minister of Social Policy Maryna Lazebna says the Pension Fund in 2020 fell short of UAH 4 billion (US$143 million) as a result of quarantine benefits for individual entrepreneurs, in particular, a new social assistance program for their children. That&#39;s according to a statement published by the ministry&#39;s press service on its website on March 29. In addition, the government exempted entrepreneurs of 1 and 2 categories and other self-employed from paying the single social security tax, while non-payment periods were credited to their insurance record. "We deliberately got into it, knowing that we would fall short of funds in the Pension Fund&#39;s budget. The cost of the issue is about UAH 4 billion, but this wasn&#39;t the main thing," the press service quoted Lazebna as saying. Read alsoSocial policy minister names condition for pension increaseCOVID-19 Relief Fund: Background On April 13, the Verkhovna Rada, Ukraine&#39;s parliament, passed amendments to the law on the 2020 national budget, according to which a special Fund worth UAH 64.7 billion (US$2.3 billion) was created. The government has allocated from this fund UAH 1.6 billion (US$57.2 million) in assistance to children of individual entrepreneurs working within the simplified taxation system, that is UAH 2,000 (US$71.5) was allocated for each child under 10 years. In January 2021, the Pension Fund completed payments worth UAH 3.6 billion (US$128.7 million) in one-time financial assistance to entrepreneurs in the amount of UAH 8,000 (US$286).

Pension Fund falls short of US$143 mln over quarantine benefits to entrepreneurs – minister

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