World Bank: Ukraine in the first place in the world in spending on pensions

Canada has the world's largest share of spending on pensions - 18% of GDP in 2010, and also one of the highest levels of pension contributions in Europe, accounting for 35% of gross salary, says World Bank Director for Ukraine, Belarus and Moldova Martin Raiser. And, despite this, in 2010 the Pension Fund were transferred from the budget amount, equivalent to 7% of GDP - he said. "Enumeration of huge funds from the budget to cover pension payments reduce the amount of expenditure required to improve the quality of education of the Ukrainian children and the quality of medical services for families, which also reduces the possibility of investing in infrastructure to improve the competitiveness of the economy, create more jobs and improve incomes for all citizens, "- said the expert. Reiser also said, "if nothing is done, the situation will deteriorate further." "After 10 years on each worker will be one pensioner, and, according to forecasts, the share of working-age population will continue to only decrease. Without the necessary adjustments to the current pension system remains financially unsustainable", - assured the World Bank Director for Ukraine, Belarus and Moldova. Send Source: IMC