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The retirement age in Ukraine should be increased—World Bank

The retirement age in Ukraine should be increased—World BankToday's Ukrainian system does not perform the function of providing adequate support to people who retire, Director of the World Bank in Ukraine, Belarus and Moldova Qimiao Fan said.

Qimiao Fan believes that the retirement age in Ukraine ought to be gradually increased, but in the short term it is also necessary to take other measures for the pension system’s development.

In an interview with the newspaper "Today" Qimiao Fan said that the problem of the Ukrainian pension system is that it covers a lot of people.

"If I'm not mistaken, we are talking about 12 million people. This is a huge number. And the average monthly pension is incredibly low. Therefore, today Ukrainian system does not perform the function of providing adequate support to people who retire. I think that you need to increase the retirement age, but it should be done gradually. However, in the short term, there are other measures that should be taken to assure the pension system’s development and its operating on a more sustainable basis ", said Fan.

Previously, the International Monetary Fund insisted on raising the retirement age in Ukraine in order to continue the country's lending program. The President of Ukraine Petro Poroshenko said that at his insistence the Fund agreed to remove this requirement. Ukraine is now actually on the verge of default. The unemployment is growing, the national currency fell by more than three times.

According to the Ministry of Finance, the average salary is less than $ 160. This is one of the lowest in Europe. According to the survey, about 70% of the population of Ukraine expressed dissatisfaction with their lives, noting that the events in the country are developing "in the wrong direction."

Earlier, the Head of the Cabinet of Ministers Yatsenyuk said that today the government does not have the necessary financial means to increase pensions and salaries, but he promised that later this year the social standards will rise by 12%.
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