An “Electronic Pension Calculator” will soon appear in Ukraine, which will allow citizens to independently estimate the size of their future pension. This innovative tool will be useful for insured persons who seek to receive transparent information about their pension payments and the possibilities of increasing them.
This is stated in the draft resolution of the Cabinet of Ministers, posted for discussion on the FPU website.
The electronic pension calculator provides the ability to calculate pension rights and pension payments based on available information about the insured person/pensioner, and also provides the ability to calculate projected pension rights and the amount of pension payments based on a possible increase in the amounts of paid insurance contributions and/or an increase in the period of payment of such contributions (insurance experience), and/or a postponement of the time of pension assignment.
The result of the calculation using the electronic pension calculator is a forecast estimate, is used for informational purposes and does not create grounds for paying a pension in the calculated amount.
The use of information about an individual processed in the information and communication system of the Pension Fund of Ukraine in the electronic pension calculator is carried out if the person has undergone electronic identification and authentication.
As noted in the explanatory note, the Ministry of Social Policy of Ukraine has developed a draft concept for reforming the pension system and draft laws on the introduction of a funded pension system and on the reform of the solidarity pension system.
"The reform of the solidarity pension system aims to increase its transparency and fairness, and ensure a direct correlation between the level of contributions that citizens pay into the pension system and the size of their pension. This draft act has been developed to work out ways to further reform the pension system," the document states.
As a reminder, in Ukraine, a disability pension is awarded in the event of full or partial loss of working capacity, regardless of the time of onset of disability. However, to receive such a pension, it is necessary to have a certain insurance period.
