In Ukraine, they are planning to introduce a mandatory accumulative pension system

In Ukraine, they are planning to introduce a mandatory accumulative pension system

This is reported by the "Judicial-Legal Newspaper".

The Ministry of Social Policy has proposed a draft law "On Mandatory Accumulative Pension Provision", which stipulates mandatory contributions to state or non-state pension funds for employees and employers.

The bill proposes a reduction in the Unified Social Tax: from 22% to 17% in the first year, to 16% in the second year, and to 15% from the third year.

For employees, the mandatory accumulative contribution will be 1% of the assessment base in the first year, 2% in the second year, and 3% in the third year. Employees will also be able to make additional accumulative contributions in the same proportions.

For employers, the mandatory accumulative contribution will equal 1% in the first year, 2% in the second year, and 3% in the third year. From the fourth year, if an employee makes an additional contribution, the employer will direct part of the unified tax to the accumulative contribution.

Self-employed individuals will also be required to make accumulative contributions.

Refusal to pay or late payment of contributions will be penalized with a fine of 20% of the amount not paid on time.