As many other countries in the world, Ukraine is facing an ageing population. The share of population aged 60+ was around 23 percent at the beginning of 2019 and is estimated to reach 33 percent by the year 2050. This is a challenge for the traditional pay-as-you-go (PAYG) system that brings the necessity for additional pension provision to make the pension system sustainable over the long run. The first attempt to change the pension system was made in 2004 when in addition to traditional pay-as-you-go system the voluntary accumulative pillar was introduced.
VoxUkraine: How to make the pension system sustainable
An elderly woman pulling a small cart passes the headquarters of regional gas distribution company Kirovogradgaz in the city of Kropyvnytskyi on Feb. 20. Many Ukrainian pensioners struggle to pay for gas and heating. Meanwhile, between 2009 and 2017 Kirovogradgaz's previous management allegedly stole $2.8 million worth of gas subsidised for domestic consumers and likely resold it to industrial enterprises.
