At a press conference, September 14, PM Denys Shmygal claimed the absence of a funded pension system in Ukraine is a crime.

‘Over the past 30 years, Ukraine has not received a funded pension system due to government inaction.In fact, this is one of the reasons why the pension in Ukraine is so small today.In order for Ukrainians to have a decent pension in 10-15 years, today it is necessary to start work on the introduction of the second level of the pension system in Ukraine’, Shmygal said.

Shmygal admitted the issue is still being wrangled over and cited pitfalls other countries faced when putting it into life.

‘However, we have ideas, we are discussing.That is, the beginning of the introduction of the second level will be at the expense of the state, so that people get used to, understand and feel confidence in this type of the pension system’, he said.

Shmygal also added that it is important for people to ‘have confidence’ in the pension system.

Ukraine will eventually move the third level of the pension system –  private pension funds, which still have a long waqy to go here, added the PM.

‘We already have several billion hryvnias accumulated in private pension funds. This is very important, because the introduction of a funded pension works in two directions: ensuring a decent pension and a large investment resource. In 15 years, state and non-state pension funds may accumulate from 40 to 50 billion dollars’, the prime minister concluded.