PM Shmyhal expects defined contribution pension system to be introduced this year

"We and the Ministry of Social Policy developed a strategy for the introduction of defined contribution pension system, we discussed it and agreed on all the details with the relevant committee of the Verkhovna Rada. Currently, this issue is in the legislative plane. The relevant draft law has been prepared, we will ask parliamentarians to adopt it as soon as possible so that the defined contribution pension system is introduced in Ukraine this year," Shmyhal said in an interview with Interfax-Ukraine.

The Prime Minister stressed that Ukraine needs the introduction of defined contribution pension system and considers it unacceptable that this has not been done over 30 years of independence.

"Another crime, in my opinion, is the lack of a civilized stock market in Ukraine. There is a presentation prepared by the National Commission on Securities and Stock Markets in collaboration with the USAID, the EBRD and the American Chamber of Commerce. They are ready to provide funding. Much work needs to be done in this issue," he added.

According to Shmyhal, a memorandum will be signed in the near future, after which its implementation will begin. "We want to launch a normal stock market in a year. But this requires a lot of legislative work. Therefore, taking into account all the nuances of the bureaucracy, it may take three years of great efforts," the Prime Minister said.

Head of the Verkhovna Rada Committee on Social Policy and Protection of Veterans' Rights Halyna Tretyakova believes that the bill No. 2683 on the introduction of mandatory defined contribution pension system should be passed in 2021 so that the relevant model can be implemented from 2023.

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