Ministry of Social Affairs and international company “DAI Global LLS” will cooperate on the implementation of “The Financial Sector Transformation Project” (FST) of USAID Mission in Ukraine. Today, the corresponding decision has been confirmed by a Protocol of Cooperation between the institutions. The document has been signed by the Minister of Social Policy Andriy Reva and USAID Financial Sector Transformation Project Manager Robert Bond.
The project of the US Agency for International Development (USAID) is aimed at improving the pension system. According to the Minister of Social Policy, the government faces the task to create a fair system of the pension insurance applicable to all employed population, modernize military pensions, improve the pension payment mechanism in accordance with the size of paid contributions. These steps should help to make the system fair.
Representatives of USAID noted that the project FST would continue to solve issues on the fiscal policy in the pension system and assess possibilities of switching to a mandatory defined contribution system. Moreover, the initiative will analyze and assist in the development of new legislation on the non-state pension provision.
The Protocol on cooperation between The Ministry of Social Affairs and “DAI Global LLS” will be valid until Dec. 27, 2020.
Source: Government portal