Ukraine plans to reform the pension system with the objective of putting it on a sound financial footing, including through a gradual increase in the pension age for women from 55 to 60 years, by adding six months every year starting in 2010 with the aim of equalizing the pension age for all workers.
This is stipulated in a memorandum signed by Ukrainian authorities and the International Monetary Fund (IMF) as a part of the resumption of credit cooperation in the middle of July 2010, Interfax-Ukraine reported.
According to the document, a draft law that foresees the said pension age increase is to be submitted by late September 2010 so that it can come into force by the end of 2010.
According to the memo, the reform would foresee an increase of 10 years in the qualification period for receiving full pension benefits and as increase in the minimum required insurance period from five to 15 years. This measure will motivate workers to stay in the work force, improving the balance of the Pension Fund by UAH 2 billion in 2011.
The reform is a structural benchmark of the program on cooperation with the IMF.
In addition, the Ukrainian authorities "will enact by end-December 2010 changes to the basis for calculating the additional 1% pension benefits accrued for each year of service above 20/25 for women/men," says the memo.
This measure is expected to reduce pension fund expenditure by UAH 6.2 billion in 2011.
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