Ukraine urgently needs to carry out pension reform, the World Bank said on Thursday.
If the situation in the pension sphere remains unchanged, the number of tax-payers and pensioners in Ukraine will be identical in 10 years, recent World Bank research indicated.
Currently, Ukraine spends 18 percent of its GDP on pensions, and high pension fund payments significantly lower Ukrainians' salaries, it said.
High inflations rates have also hampered the situation.
In order to tackle the problem, the World Bank has proposed increasing the retirement age for women.
The World Bank believes the Ukrainian government will launch pension reform in the near future.
Ukrainian Prime Minister Mykola Azarov has said a planned pension reform will see the pension fund deficit of $7.5 billion wiped out within the next four years.
KIEV, December 16 (RIA Novosti)
