The Pension Fund of Ukraine is a central executive authority performing control on the social system for comprehensive compulsory state pension insurance, collects, accumulates and accounts the contributions; sets pensions and drafts pension payment documents; ensures timely and complete funding for pensions and benefits to be paid at the Pension Fund account pursuant to the current legislation; monitors targeted use of the Pension Fund of Ukraine funds.
Under procedure set by current legislation the Pension Fund of Ukraine submits to the Minister of Social Policy the suggestions related to the State policy on pensions and social security, and supports implementation thereof.
The Pencion Fund activity is controlled and co-ordinated by the Cabinet of Ministers through the Minister of Social Policy of Ukraine.
On 1 January 2011 Ukraine adopted the Law of Ukraine “On Collection and Accounting of the Unified Tax for Compulsory State Social Security” no. 2464-VI dated 8 July 2010 replacing former four compulsory state social duties by the Unified Social Tax.
According to Chapter 4 of the Law of Ukraine “On Unified Social Tax” the Pension Fund of Ukraine is obliged to collect the unified tax, to keep the books on its collection and monitor payment thereof.
The Temporary Disability Insurance Fund (the Fund) was established pursuant to the Law of Ukraine “On Compulsory State Insurance against Disability and the Expenses Related to Funeral” and is the successor of the Social Security Fund of Ukraine.
The Fund monitors and controls the compulsory state insurance against disability and expenses related to funeral, collects and accumulates contributions and other funds targeted at funding the endowment and social services pursuant to the Law of Ukraine “On Compulsory State Insurance Against Disability and Expenses Related to Funeral”, supports disbursement and monitors application of the said funds. The States guarantees provision of endowment and social services to the person insured by the Fund, and sustainable Fund activity.