09/11/2022
Unification of the Pension Fund and the Social Insurance Fund
On the 25th of October the Law of Ukraine "On Amendments to the Law of Ukraine "On Mandatory State Social Insurance" and "On Mandatory State Pension Insurance" was published.
This decision, first of all, makes it possible to reduce the costs of administering insurance funds and direct the freed funds to ensure insurance payments.
In addition, the Law contributes to the expansion of control over the targeted use of social insurance funds, will allow to ensure the timely fulfillment of obligations regarding insurance payments, in particular, in case of temporary loss of working capacity and accidents at work.
In addition to the mentioned innovations, such unification of the administrative structures of the Pension Fund of Ukraine and the Social Insurance Fund of Ukraine will not only reduce expenses for their activities, but also increase the quality and performance of basic tasks related to social benefits.
The joining of the Social Insurance Fund of Ukraine to the Pension Fund of Ukraine, as specified in the Law, will take place on the 1st of January, 2023.
About SCHNEIDER GROUP
Since 2006 SCHNEIDER GROUP has been supporting international companies expanding to Ukraine. Our portfolio includes a full scope of services: from market analysis and partner search to complete accounting outsourcing, legal and tax consulting, and interim management services. We take over all non-core business functions so that our clients can focus on developing their business. We help our clients establishing subsidiaries in Ukraine compliant with local legislative requirements and transparent for international management. Our experts offer advice on best practices to optimise processes, reduce risks and minimise costs.
Ready to start? – Get in touch!