Ulyutin told MPs the bill is mostly ready, but the ministry must ensure clear funding estimates for raising pensions over at least 15 years.
“We need to ensure precise financing calculations for increasing pensions over a medium-term period of no less than 15 years, considering the demographic situation,” he said.
“We must determine whether the reform is feasible, whether it will allow beneficiaries to receive such pensions more than once after a decision is made, and how the new system will operate compared with the current one.”
The Social Policy Ministry is developing the bill together with the Finance Ministry and international donors. Once the draft is fully costed, the Cabinet will submit it to parliament, he said.
In an interview with Forbes published the same day, Ulyutin outlined a three-part model for the reform. The first element would be universal payments after a certain age aimed at preventing poverty among older people who previously earned low wages.
The second element would be an insurance-based component tied directly to an individual’s work history and the amount of contributions paid during that time.
The third element would convert special pensions into occupational pension schemes. Early retirement and other additional payments that differ from general pension conditions should be funded by occupational schemes, not by the pay‑as‑you‑go pension system, he said, calling for a clear separation of that component from the general pension system.