New solidarity pension system may start working next year - Zholnovych
Kyiv • UNN
Minister of Social Policy Oksana Zholnovych announced the launch of a new pay-as-you-go pension system starting in July 2025. The system will be based on points that will be converted into a percentage of the average salary in Ukraine.
The launch of a new solidarity pension system is expected in July 2025. This was announced by the Minister of Social Policy Oksana Zholnovych at the GLOBAL DIGITAL SOCIAL FORUM, a UNN correspondent reports .
Details
Each person, upon retirement or reaching retirement age, will have a set of points that will be converted into a percentage of the average salary in Ukraine, because this is the most relevant category that shows the reality of money. What we all earn as Ukrainians within the average salary is the amount that we, as Ukrainians, live on in a particular year. Therefore, this will be the most fair format for paying and accumulating our solidarity pension contributions. Of course, we are aware of the fact that today we have one-to-one ratio of payers and recipients of pension payments. In order to increase their pension savings and guarantees for old age, additional tools are needed to guarantee more, so that everyone in retirement feels even more confident. We will introduce a mandatory funded system
She added that the Ministry has already approved the relevant legislation.
“I am confident that the new solidarity system will start working in July 2025, and the mandatory accumulation system will start immediately after the end of the war,” Zholnovych added.
Recall
To ensure that the pension reform is launched in a quality manner, the Ministry of Social Policy needs UAH 15 billion, which the state already has due to the increase in unified social tax revenues.
