Pension Fund requires legislative regulation of activities and budget structuring, – Denys Ulutin

The Minister of Social Policy, Family and Unity Denys Ulutin stated that the Pension Fund of Ukraine currently coordinates payments from various sources and has the capability to utilize different reporting formats. Therefore, the institution requires new approaches to regulating its activities and structuring its budget.

He made this statement during consideration of draft law No. 13551 on improving the management of financial resources of insurers under compulsory state social insurance at a meeting of the Verkhovna Rada Committee on Social Policy and Veterans' Rights Protection.

"The Pension Fund's budget is formed from state budget funds, insurance contributions, and enterprise funds for preferential pension payments. This has created the need for clear structuring of the Pension Fund budget and legislative regulation of the PFU's structure by types of social payments and other expenditures," noted Denys Ulutin.

The corresponding draft law will determine how international budgeting standards should be applied, possible approaches to distributing budget flows within the pension fund, and will more transparently disclose indicators important not only to society but also to international donors.

Additionally, according to the minister, considering the position of the Ministry of Finance, the provisions on public sector accounting will need to be refined before the draft law's second reading.

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