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G7 Ambassadors urge Ukrainian Parliament to adopt a pension reform next week
16:02, 7 July 2017
G7 Ambassadors urge Ukrainian Parliament to adopt a pension reform next week

The G7 Ambassadors are sure that the government-suggested pension reform plan will “restore a proper social contract between the State and its citizens”

16:02, 7 July 2017

Open source

The G7 Ambassadors encouraged Ukrainian Parliament to adopt the pension reform plan suggested by Ukrainian government during the plenary session next week, according to the G7 Ambassadors’’ statement posted by Delegation of the European Union to Ukraine press centre.

“We, the G7 Ambassadors, wish to express our strong support for the pension reform plan proposed by the Ukrainian government, and we call on the Rada to adopt the legislation without delay during its plenary session next week,” the statement informs.

“The draft law foresees a more transparent and fairer pension calculation formula that more closely ties pension benefits to pension contributions and improves the adequacy of pensions. The reform also establishes a flexible retirement age, linked to the length of the formal career of an individual and incentivizing participation in the system,” it adds.

It goes on to say that the suggested reform plan will also generate fiscal savings by improving the accounting and sustainability of the Pension Fund and Ukraine’s overall state budget.

“It is now the responsibility of all the elected parliamentarians to ensure that this reform is approved and implemented, providing a better future for present and future generations of Ukraine,” the statement summarizes.

As it was reported earlier, the IMF and the World Bank approved Ukrainian pension reform.

Related: Ukraine's slow road to state pension reform

Related: If pension reform has negative result, government ought to resign, — Reva

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