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Ukraine should suspend new pension system introduction - Social Policy Minister

Ukraine should suspend new pension system introduction - Social Policy MinisterUkraine should suspend the introduction of the financial defined contributions pension system, Ukrainian Social Policy Minister Andriy Reva has said.
"Last year we had 49% inflation. What Ukrainian company can give 50% profit a year to investors? Do you propose to invest the money of pensioners into the financial pyramid?" he said in an interview with the Focus magazine.

He said that the International Monetary Fund (IMF) opposes this idea too.

"There are two wonderful institutions as the IMF and the International Labour Organization (ILO). They are antagonists. ILO protects the interests of hired employees and the IMF protects the interests of the bourgeoisie. When he held negotiations about the switch to the financial defined contributions pension system, both organisations said unanimously that this should not be done," he said.

"The idea of the defined contributions pension system is good, but it is too early for us. Let's realise ideas for which we are ready. The idea of monetizing the fare benefits has pasted its prime 20 years ago. We should start realising it first," the minister said.

Deputy Prime Minister of Ukraine Pavlo Rozenko said that the system should be launched no later than 2017.

"The introduction of the defined contributions pension system remains our principal position. It is outlined in the government's action plan," he said.
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