The Ukrainian government has proposed some big changes to its pension system that have many people worried. According to a recent analysis of the country’s 2025 budget by Ekonomicheskaya Pravda, a business news site, these changes could result in billions of hryvnia (the local currency) being taken back from pension accounts.
On September 13, the Cabinet of Ministers approved a new bill that has now been sent to the parliament for review. The plan aims to cut social spending by over 10%, which is about $1.2 billion. The government is looking to save money mainly by reducing the money given to Ukraine’s pension fund.
One of the most controversial parts of this new plan involves Oschadbank, the bank that manages pension accounts in Ukraine. The government wants this bank to take back money from accounts that haven’t been used in the last 12 months. If you haven’t accessed your pension account recently, you could be at risk of losing your savings!
Displaced Pensioners at Ris...