EBA calls on IMF, WB to support second level of pension insurance in Ukraine

"The European Business Association has appealed to the International Monetary Fund and World Bank Country Director for Belarus, Moldova and Ukraine. The letter points to the importance of introducing the second level of pension insurance for the population,” reads the association's press release.

The business community notes that it is important to take effective and qualitative steps to reduce the pension system deficit and sees the solution in the introduction of the second level of pension insurance from January 1, 2019.

The business supports the idea of ​​ the defined contribution pension system. In EBA’s opinion, the mechanism for implementing the second level is perfectly stipulated in draft law No. 6677. The document has more than ten positive feedbacks from domestic and international experts, and its provisions comply with the relevant Directive of the European Parliament and the Council of Europe.

"The European Business Association calls on the IMF and the World Bank to support this document. We hope that this will help to launch the comprehensive development of the second level of pension insurance and stabilize the pension system in principle," the press release summarizes.

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