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IMF did not approve pension reform, — source
18:09, 26 May 2017
IMF did not approve pension reform, — source

Fund disputed government’s initiative to bring pension payments up to date constantly and exemption for working retirees

18:09, 26 May 2017

Andriy Reva, Minister of Social Policy of Ukraine
RBC-Ukraine

International Monetary Fund (IMF) did not endorse the draft pension reform, offered by the Cabinet of Ministers. This was reported by the source in the government, commenting on the results of IMF mission work in Kyiv, according to Ukrainian News.

Particularly, IMF disputed government’s initiative to bring pension payments up to date constantly and exemption for working retirees.

"These two initiatives are not supported by the IMF," source said.

Beyond that, IMF opposes government’s plans to decrease coefficient estimating the cost of employment term within the formula of pension payment from 1.35 to 1. The actual abolition of this coefficient may lead to significant reduction of pension — by 30-40%.

It is noteworthy that the fund’s statement on the results of work says that drafting process should be continued, including pension reform.

Related: Cabinet of Ministers endorsed bill on pension reform in Ukraine

Related: Groysman announced increase of pensionable service period to 25 years

Related: Groysman ready to resign if pension reform is not undertaken

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