Ukraine approves pension reform for IMF tranche
KIEV. July 8. KAZINFORM The Ukrainian parliament approved a pension reform bill Friday in a bid to unfreeze a multi-billion-dollar aid package from the International Monetary Fund (IMF); Kazinform refers to Xinhua.
The parliament discussed amendments to the document all night before passing the final text in the early hours of Friday. It is expected to be signed into law soon by President Viktor Yanukovych.
The bill, which will enter into force on September 1, will raise the retirement age for women from 55 to 60, and extend the obligatory social insurance period from the current 20 years to 30 years for women and from current 25 years to 35 years for men.
It also stipulates the maximum pension can not exceed 10 times the living wage, which is currently around 95 U.S. dollars a week. Previously, the maximum amount was 12 time; Kazinform cites Xinhua.
To learn more go to www.xinhuanet.com/english2010