The International Monetary Fund (IMF) is still analyzing the pension reform adopted by the Verkhovna Rada in early November to check whether it has incentives for later retirement and, correspondingly, yields more contributions to the Pension Fund, according to Goesta Ljungman, the IMF Resident Representative in Ukraine.
Ukrainian Social Policy Minister Andriy Reva says that the budget of the Pension Fund of Ukraine (PFU) in 2018 will grow by 25%, to UAH 355 billion (US$13.2 billion).
The International Monetary Fund (IMF) continues examining the pension reform adopted by Ukraine's parliament to check if it complies with the benchmarks of the IMF's Extended Fund Facility (EFF) program, according to IMF Resident Representative in Ukraine Goesta Ljungman.
Ukrainian Social Policy Minister Andriy Reva says that the pension reform will oblige employers to hire people older than 45 years within the set quota, according to the TV news service TSN.
Ukrainian Prime Minister Volodymyr Groysman has announced that Ukrainian President Petro Poroshenko has signed pension reform bills into law, which were earlier passed by the Verkhovna Rada, Ukraine's parliament.
The Verkhovna Rada of Ukraine has passed a bill on pension reform, which introduces requirements for the minimum pension insurance record for retirement and provides for an increase in retirement benefits to be paid to 9 million pensioners in the amount of UAH 200 to UAH 1,000 each per month starting from October.
The World Bank and the International Monetary Fund are concerned about amendments to pending pension reform legislation needed to unlock further funding under a $17.5 billion IMF program, the World Bank's Ukraine director said on Friday, according to Reuters.
Vice Prime Minister of Ukraine Pavlo Rozenko says a funded pension system will begin to operate in Ukraine as early as January 1, 2019.
Ukrainian Prime Minister Volodymyr Groysman says the government will seek an increase in pensions for nine million retirees and automatic review of pension benefits in line with inflation and average wages, as well as plans to make pensions exempt from taxes and keep the retirement age at 60 as part of the pension reform that will pass its second reading in parliament this fall.
Ambassadors of G7, namely the United States, Great Britain, France, Germany, Italy, Japan, and Canada, have called on the Verkhovna Rada, Ukraine's parliament, to adopt the pension reform proposed by the government before the end of the next plenary week, that is, before July 15, according to a statement by the G7 Ambassadors.
Ukrainian Finance Minister Oleksandr Danyliuk has said in an interview with Bloomberg that Ukraine may get a fifth tranche from the International Monetary Fund (IMF) worth up to US$1.9 billion in autumn instead of summer because of a delay in the adoption of laws on key reforms in parliament.
Ukrainian President Petro Poroshenko has instructed the Cabinet of Ministers to modernize pensions in autumn 2017, that is to increase their level and abolish taxation.
Ukrainian's Social Policy Minister Andriy Reva says the World Bank fully supports the draft pension reform prepared by the Ukrainian government and offers support in its adoption.
Ukraine's Deputy Prime Minister Pavlo Rozenko says the government-developed pension reform concept needs to be finalized substantially.
An International Monetary Fund (IMF) mission, led by Ron van Rooden, completed its visit to Kyiv, aimed to initiate discussions on the fourth review of the authorities’ economic reform program supported under the Extended Fund Facility (EFF) arrangement.
Ukraine's Finance Minister Oleksandr Danyliuk says the adoption of the law on pension reform is one of the conditions for obtaining the fifth disbursement from the International Monetary Fund (IMF).
The new pension reform developed by Ukraine's government suggests that Ukrainians who have reached the retirement age but lack the required length of pensionable service will be able to "buy" up to five years of pension insurance record, according to the governmental portal.
Ukraine's Cabinet of Ministers has approved a bill on pension reform and sent it to the National Reform Council under the President of Ukraine.
Ukrainian Prime Minister Volodymyr Groysman has announced he is ready to resign if there is no pension reform that foresees an increase in pension benefits from October 1 while the retirement age remains unchanged, according to TV Channel 112 Ukraine.
Ukrainian Social Policy Minister Andriy Reva says the maximum pension in Ukraine is set at UAH 58,000, or about US$2,165, and while retirement payments are capped on UAH 10,740, or about $400, the vast majority of 12 million Ukrainian retirees receive even smaller amounts, according to TV Channel 112 Ukraine.
Ukrainian Finance Minister Oleksandr Danyliuk says that Ukraine will not receive a new disbursement from the International Monetary Fund (IMF) if it does not conduct pension reform.
The International Monetary Fund (IMF) says it is early to introduce defined contribution (DC) plans in Ukraine, according to the Ukrainian economic news portal Ekonomichna Pravda (EP).
Ukrainian's Social Policy Minister Andriy Reva says that the government has managed to convince the International Monetary Fund (IMF) that there is no need to raise the retirement age for Ukrainians to 63 years, according to the TV news service TSN.