Prime Minister Denys Shmyhal giving a lecture at the Lviv Polytechnic has said that Ukraine will not be able to pay pensions in 15 years.
According to him, the reason for this is gradually decreasing number of the working-age population.
“The nation is aging. There is a problem with human capital […] Ukraine, as a part of old Europe, does not reproduce its population […] We will not be able to pay pensions to future pensioners in 15 years. This is common mathematics and economic demography,” he said.
He added that due to the demographic situation in the future, one worker will have to support two pensioners with his taxes, which is practically impossible.
Denys Shmygal said it is necessary to introduce a funded pension system in Ukraine in addition to the existing one. Government intends to introduce another type of pension contributions in 2021.
“Each of us should think about our pension starting from a young age,” Denys Shmygal summed up.
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