The Accounting Chamber audited the sustainability of the Pension Fund
24 October 2024 13:39
The Accounting Chamber has confirmed that the Government of Ukraine has managed to ensure the stability of the pension system in the face of war and limited resources. This is stated in a statement on the website of the Ministry of Social Policy,
Komersant ukrainskyi
reports.
In particular, it is stated that pensions have been paid on time to more than 10 million pensioners, and the planned recalculations have been carried out.
Ensuring the sustainability of the pension system was made possible by the funds of the REACE Project, including those of the US Government, which made it possible to reimburse almost half of the costs of paying all pensions and to fully reimburse the state budget’s obligations to the Pension Fund ($12.7 billion).
The Accounting Chamber noted positive changes in the system of control over payments. New mechanisms for verifying pension payments have significantly reduced the risks of overpayments and misuse of funds.
The audit identified factors that burden the Pension Fund’s budget. In particular, imperfect legislation on pensions for certain categories of pensioners, people living in radioactive contamination zones and people with disabilities. This leads to the filing of lawsuits to obtain unjustified increased pensions.
For reference, the audit was conducted from February to September 2024 in accordance with the International Standards of Supreme Audit Institutions (ISSAI), the methodology of the Accounting Chamber’s performance audit and with the methodological support of experts from the Center for Audit Excellence (CAE) of the U.S. Government Accountability Office (GAO). The audit analysed the regulatory framework, financial performance of the Pension Fund for 2021-2024, the effectiveness of resource management and the level of interaction with the Ministry of Finance and the Ministry of Social Policy on the issues under study.
