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Reform on the introduction of mandatory funded pension provision may begin in 2024, provided that the parliament passes a bill by the end of this year.

This was stated by Minister of Social Policy Marina Lazebna in an interview with “Fakty”, the press service of the Ministry.

“If the relevant bill is adopted as a basis by the end of this year, I believe that the reform will start in 2024. We need at least a year to test the technical interaction of the single social register with all subjects of information exchange. National Commission on Securities and Stock Market it takes at least a year and a half to prepare the regulatory framework, “Lazebna said.

She added that today everything depends on the parliament and stressed that this process should be accelerated.

The Minister also said that during the discussion of this issue at the meeting of the working group, the experts supported the conceptual approaches to the model of contributions to the mandatory pension accumulation.

“It is assumed that mandatory contributions will be made for the benefit of people by employers by reducing the single social contribution, without increasing the tax burden on business. A person will pay contributions from their own salary on a voluntary basis. In favor of those people who choose to pay accumulative contributions at its own expense, the state will make additional incentive contributions, “Lazebna said.