OREANDA-NEWS. July 19, 2013. The Ministry of Social Policy has three main challenges: to make pensions fair in Ukraine, to ensure stable operation and eliminate the deficit of the Pension Fund. It was started by Nataliya Korolevska, the Minister of Social Policy of Ukraine during a briefing at the building of the Cabinet of Ministers.

"We assume three main goals: to make pensions fair in Ukraine, to ensure stable operation of the Pension Fund, so that all pensioners will be confident that they will get their money in time, and to eliminate the deficit of the Pension Fund," Nataliya Korolevska said.

According to the Minister, this can be achieved, inter alia, by depriving the Pension Fund unusual for the Pension Fund expenditures, which in 2013 are UAH 40.9 billion. We should also increase payroll in the country and improve the administration of the Pension Fund.

"Payroll from which the insurance premiums are paid should be UAH 548.3 billion to the pension fund has no deficit. Now it is approximately UAH 480 billion. And about UAH 150 billion has not been legalized," Nataliya Korolevska said. According to her, in order to carry out all the necessary modernization and increase of pension to people payroll should be UAH 766.5 billion.

The Minister reminded that this month we mark 10 years since the start of the pension system in Ukraine in the form in which it is now. "How does this system works, we have a lot of questions. They relate to pension leveling and meager pensions, and many other things," she said.

According to the Minister, adopting on July 9, 2003 the basic pension laws allowed to start work on implementing the three-pillar pension system. However, currently only two pillars work: the social system of compulsory state pension insurance (first pillar) and private pensions (third pillar). The second level - funded system of compulsory state pension insurance it is planed to introduce in a year, when will be ensured deficit-free budget of the Pension Fund.