Ukraine's pension system is stable

The government has already allocated 536.1 million UAH to finance the December pension payments, the Information-Analytical Bulletin of the Cabinet of Ministers of Ukraine informs.

This announcement was made by Natalia Korolevska, Minister of Social Policy. She said that according to the current data of the Pension Fund,  as of Dec. 2,  536.1 million UAH were already paid. This will allow to start pension payments as early as on Dec. 4, right on schedule. In total, 21.4 billion USD will be paid during the month.

The government has given assurances that the entire pension system is stable and works in normal mode. "Our goal is that every person who needs help and support, receive it," Korolevska said. She also reminded that on Dec. 1, in accordance with the Law of Ukraine "On State Budget of Ukraine 2013" the subsistence minimum was raised. In this light, pension payments have been revised.

Government experts say that the subsistence minimum for those who have lost ability to work, and hence a minimum pension, was raised from 894 to 949 UAH. Thus, retirement pensions, special merit pensions, as well as allowances, markups, additional pensions and other benefits driven by the subsistence minimum will be raised. To date, the adjustments have been made automatically and, starting on Dec. 4, the increased payments will be paid.

Also, in the 11 months of 2013, 228.6 billion UAH were allocated for pensions, which is up 15.8 billion USD year-on-year.