The draft law No.3876 proposes to approve budgets of the compulsory state social insurance funds by the Verkhovna Rada of Ukraine, while today the budget of the Pension Fund of Ukraine is approved by the Board of the Pension Fund and the Budget of the Social Insurance Fund of Ukraine by the Cabinet of Ministers of Ukraine.
The draft law proposes to make appropriate amendments and supplements to the Basics of Ukraine's legislation on compulsory social insurance, laws of Ukraine "On Compulsory State Social Insurance," "On Compulsory State Social Unemployment Insurance," "On Compulsory State Pension Insurance."
According to people's deputies, the adoption of these amendments will ensure independence, transparency and openness of these funds’ functioning.
As one of the authors of the draft law, Chairperson of the Committee on Social Policy, Employment and Pension Provision Liudmyla Denisova said, the draft law will strengthen state control over the formation of the compulsory state social insurance funds’ budgets, and thus will ensure more control and protection of the rights and interests of the insured persons.