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 Pensions increase affected 10.2 million people, average payment up by 560 hryvnia, - Social Policy Minister Reva

Social Policy Minister Andrii Reva told the parliament members about the pension reform implementation.

He read his report in the Rada during the Government Q&A hour, Censor.NET reports.

Reva thanked the MPs for adopting the bill on pension reform.

He reminded that the bill, adopted on Oct. 1, 2017, provided for recalculation and modernization of pension payments. 90 percent of retirees have seen increases to their pensions right after the bill coming into force on Oct. 11. Average monthly pension payment increased by 559.78 hryvnia ($20.8) and reached 2,446.56 hryvnia, Reva reported.

The minister said the new bill obliges to pay pensions to employed retirees, which are more than 600,000 people in Ukraine.

Read more: Foreign funds should be involved, - PM Hroisman on defined contribution pension system

Reva said additional 6.4 billion hryvnia have been allocated for the pension increase.

The minister said the pension reform provides for automated annual indexation of pension payments.

"The increase in the pension payments is not inflation-caused. We didn't print money, take loans from international financial institutions, increase subsidies from the state budget. These are funds received from the economy. They should not lead to inflation spikes and prices increase. The new increased pension payment does not affect the amount of a subsidy for the heating season of 2017-2018. The new pension size will be accounted for that purpose only starting from May 2018," Reva said.
 
 
 
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