The pension system of Ukraine will collapse within 3-4 years without reforms, Minister of Social Policy Andrei Reva said in the interview to RBC-Ukraine.
“The today’s main financial issue is the unstable condition of the Pension Fund… If we had done nothing, then in 3-4 years the system would have collapsed”, he said.
According to Reva, currently Ukraine is crossing the point of no return in this issue and it has to take immediate decisions. ”This can be compared to the oncology: we either risk and act now, or the tumor will be developing and transition from the second to the third stage, and then will become inoperable. Currently, we are crossing the point of no return, we need to approve the immediate decision”, he added.
It should be reminded that Minister of Social Policy of Ukraine Andrei Reva stated that during the realization of the pension reform, the government should prevent from the growth of deficit of the Pension Fund of Ukraine higher than the current amount of UAH 140 bln.
According to him, the draft law on the pension reform should be presented until May 16.