The resolution
The Cabinet of Ministers of Ukraine has adopted the resolution that specifies a mechanism of deducting mandatory pension contributions, what is based on charges on a few financial operations. The said above changes were entered to the government’s resolution dd. November 3, 1998, № 1740, said Liudmila Denosiva, Minister of Social Policy, the press-office of the ministerial department reports.
The Minister told the legislation stipulates a fee of 0,5% charged on buying foreign currency in cash or making cashless transactions, which is used to cover a budget shortfall occurred in the Ukraine’s Pension Fund’s finance. Pursuant to the provisions endorsed, the fee is charged and deducted by the bank making currency exchange operations.
Moreover, Liudmila Denisova added not later than the next business day the aggregated fees are to be transmitted to the National Treasury’s accounts. Simultaneously, until the 20-th day of a month, the banks are to submit reports to the Pension Fund of Ukraine on the amount of fee charged and paid.
According to the Minister, for April-June this year around 1,8 billion hryvnias of commission charges which have been lodged on the Pension Fund’s accounts are being used to fund the mandatory pension scheme. By the end of the year it is planned to gain revenue amounting to UAH 9,1 billion.
