The Minister of Social Policy of Ukraine, Denys Ulyutin, recently held a meeting with representatives of the International Labour Organization led by Aida Lindmeier.
«Our goal is to create an effective social protection system that supports individuals and the economy. It is about more than just payments; it is about creating conditions for growth,» emphasized Ulyutin.
During the meeting, Helmut Schwarzer, head of the ILO's Department of Finance, presented forecasts regarding the financial sustainability of Ukraine's pension system.
The research provides crucial insights into the financial stability of the pension system. Results indicate that without reforms, the Pension Fund deficit will increase due to demographic changes. Implementing systemic changes can help stabilize the situation, serving as a foundation for improving the pension system that ensures social justice and transparency.
The Ministry is currently collaborating with international partners to develop legislation that will update the pension system in Ukraine.
Key areas of the new model include:
- a guaranteed basic payment for elderly individuals to ensure a dignified life;
- restoration of solidarity principles, where pension amounts depend on contributions made;
- creation of professional pensions for specific categories of workers;
- a model for voluntary cumulative pensions with state incentives;
- decent support for veterans with clear criteria for benefit allocation.
