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 Ukraine committed to IMF to increase retirement age for privilegees and decrease number of schools

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Ukraine committed to IMF to increase retirement age by 5 years for persons entitled to retire ahead-of-schedule by 2025, and to decrease the number of schools by 5%.

This was announced in a memorandum of economic and financial policy which was agreed between Ukraine and IMF and published on IMF website, Censor.NET reports citing Ukrainski Novyny. The memo provides for increase in retirement age by six months each year.

Read more: IMF approved $17 billion financial aid to Ukraine

Job tenure required to retire for professions that have the right to retire ahead-of-schedule will be increased by five years.

According to the memorandum, this will allow Ukraine to save 1.6 billion UAH ($61,538,000) in 2015.

Minister of Social Policy Pavlo Rozenko commented on the matter as follows: "The IMF memo has no provisions for increase in required job tenure for regular pensions, which are received by 97% of Ukrainian pensioners. Retirement age will remain as it was, 60 years.

"The memo only provides for reforming the system of privileged pensions for certain professions."

Read more: Cabinet must complete three tasks before 2016 - Yatseniuk

Ukraine also committed to the IMF to decrease the number of schools by 5% in 2016.

The memo provides for optimization of the middle schools system by means of decreasing their number by 5% by uniting. Employees of such schools will be laid off.

The number of colleges is to be decreased from 802 to 317, and the system of professional educational institutions is to be optimized.

According to the memo, these measures will allow Ukraine to save 300 million UAH ($11,540,000).

These norms are to be implemented in 2015-2016.

Read more: Retirement age in Ukraine will not be increased - Head of Pension Fund

 
 
 
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