Economy
initiativeMinistry of Finance proposes to raise the retirement age to 65 years
The Ministry of Finance plans to save around UAH 4.3 bn (US $260 mn) by increasing of the retirement age for men and women to 65 years, according to the recommendations for changes in the legislation prepared by the Ministry of Finance of Ukraine for the purpose of optimization of expenditures from the national budget.
In addition, the ministry plans to limit the payment of pensions to working pensioners to 90% of their pensions, but not lower than the amount of subsistence level established for persons who have lost their ability to work.
The document also envisages the suspension of the indexation of pensions to stabilize economy of Ukraine. The ministry considered that this will help save around UAH 2.8 bn (US $170 mn).
At that, the Ministry of Finance wants to carry out re-calculation of pensions using the percentage from the amount of insurance premiums transferred to the Pension Fund of Ukraine, but not from the wages. The document envisages freezing of the amount of the average wage in Ukraine, from which the insurance premiums are paid and pensions are granted, at the level of 2014.
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