The draft concept was developed in order to improve the system of pension provision for citizens, improve the level of provision of retirees, as well as achieve a balanced pension system. The document was published for discussion on 28 April 2018.

The seminar analyzed and discussed the initial recommendations of ministries and departments, received comments and proposals from a wide range of public on reforming the country’s pension system.

Issues of improving the regulatory framework, in particular, the drafting of the Law "On State Pension Provision of Citizens" in a new wording were discussed. Opinions were expressed that, when drafting the law, it is necessary to thoroughly study foreign experience and take into account the demographic and socioeconomic aspects of our country.

At the same time, the norms of the law should take into account mechanisms that stimulate the active participation of citizens in the social insurance system, in which the pensions of citizens will depend on the length of service, the amount of wages and, accordingly, the insurance premium.

Specialists and experts emphasized that the Concept includes such aspects that are aimed at restoring social justice, such as paying full pensions to working pensioners, increasing the average monthly wage taken to calculate the basic pension sizes from 8-fold to 12-fold the size of the minimum wage.

Also, given the social importance of the proposed reforms, the seminar participants, including experts from international financial institutions, expressed their views on the phased implementation of proposed innovations.

In particular, it is suggested to increase the required minimum of work experience, at the first stage, to 10 years, increasing for a year starting from 2019, and to increase the retirement age each year by 6 months starting from 2022, bringing it to 58 years for women and 63 years for men.