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Hole in Pension Fund. UN assesses PFU deficit at 170 billion UAH

PFU deficit is about to reach 170 billion UAH—UN Monitoring Mission assesment. Photo; Pixabay

PFU deficit is about to reach 170 billion UAH—UN Monitoring Mission assesment. Photo; Pixabay

The UN Monitoring Mission has assessed the situation with pensions in Ukraine and announced the current deficit of the Pension Fund in the amount of about 170 billion UAH. According to the experts, only a little more than a third of the working-age population aged 15—64 pays taxes to the pension system.

Quote"Extension of the pension system’s coverage, de-linking pensions from registration as an internally displaced person, and an inclusive national dialogue on the future of the pension system are key areas of pension reform that we believe should be prioritized by the authorities." is stated in the Mission’s report.

Context. Last month, Prime Minister Denys Shmyhal stated that Ukrainians would be able to get decent pensions only with the imposition of the second tier of the pension system—a mandatory funded pension. According to him, if Ukraine manages to start putting it into practice in 2023, it will be a major breakthrough.

On September 24, the World Bank supported the imposition of the mandatory pension savings in Ukraine from 2023.

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