OREANDA-NEWS. December 12, 2011. The Parliament of Ukraine has adopted as a basis draft Future Generation Law.

The Future Generation Fund establishment aims at accumulating financial resources for funding social reforms, including the introduction of second mandatory accumulative tier of the pension and health insurance system in Ukraine.

It is worth saying that this Fund will in the long run finance actions aimed at reducing negative impact of cyclical factors of the economy development and demographic aging of Ukrainians.

The Fund is about to be established within the framework of the State Budget Special Fund. This will allow to:

- avoid the Fund misuse risks;

- ensure openness and transparency of transactions with the Fund, its accountability and controllability before the Parliament;

- apply Budget Code provisions being standards for any budget spending agency, to the Fund’s transactions.

The Future Generation Fund replenishment sources and volumes will be annually specified by the State Budget Law of Ukraine.