Prime Minister Volodymyr Hroisman said during the government's Q&A session in the parliament on Friday, Censor.NET reports.
Hroisman said the existing pension system has lead to total immiseration of Ukrainian retirees.
"80 percent of Ukrainian pensioners, who had worked hard their entire lives for the sake of the country, have not only been deceived but also live at minimum pension payments. At the same time, the deficit of the Pension Fund is 150 billion [hryvnia, $5.56 billion - ed.].
"What should have been done to build this tragic pension system over the decades of independence. So we would need to make rules of thumb," Hroisman said.
The PM stressed that the government together with the parliament would need to radically decrease the deficit of the Pension Fund and increase pension payments.
"This is our strategic task for 2017. We would need to accept political responsibility and make decisions that will not only allow bringing 400,000 pensioners who receive 940 hryvnia in social payments [$35 monthly - ed.] from the poverty but also the millions of Ukrainian pensioners who shall be paid sufficient pension support," Hroisman said.
One of the methods of increasing pension payments, according to the prime minister, is fighting hidden wages.