The Ministry for social policy of Ukraine is planning to hold current upgrading of pensions in May, increasing pension payments UAH 103 on average, but the increase will be subsidized by the government, as Pension Fund deficit this year still high, about 9.7 billion hryvnais, vice PM and Minister for social policy Serhiy Tihipko decalred, ForUm correspondent reports.

"This year we plan Pension Fund deficit at the sum of UAH 9.7 billion and it will not grow because of the pension increase," Tihipko said adding the government plans to increase revenues of the Pension Fund at the expense of growth of the average monthly wage.

At the same time Tihipko admitted that increased pension contributions are still not enough to cover the pension increase, and the government must made relevant amendments to the budget and adopt a number of draft bills.

Tihipko specified that by May the government must find new sources of income at the sum of 11-11 billion hryvnias.

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