EXPLANATION OF THE PENSION FUND OF UKRAINE

of March 17, 2011

Since January 1, 2011 the Law of Ukraine "About collection and accounting of single fee on obligatory national social insurance" (further - the Law) which determines the legal and organizational principles of ensuring collection and accounting of single fee on obligatory national social insurance (further - single fee), conditions and procedure for its charge and payment and power of the body performing its collection and accounting became effective.

Single fee - the consolidated insurance premium which collection is performed in system of obligatory national social insurance without fail and on regular basis for the purpose of ensuring protection in cases, stipulated by the legislation, the rights of insured persons and members of their families to receipt of insurance payments (services) in the operating types of obligatory national social insurance.

The sizes of single fee for each category of payers and proportion of its distribution are determined by types of obligatory national social insurance by article 8 of the Law.

The insurance means accumulated on centralized accounts of the Pension fund automatically are transferred by the State Treasury of Ukraine into centralized accounts of funds of obligatory national social insurance according to certain proportions.

The pension fund according to the tasks assigned to it performs functions:

- collection and accounting of receipts from payment of single fee;

- control of compliance with law about collection and accounting of single fee, correctness of charge, calculation, completeness and timeliness of payment of single fee.

According to operational data for February, 2011 receipt of funds from payment of single fee in Social Insurance Funds in comparison with the corresponding period of 2010 grew more than by 22%.

Insurance payments (services) in the operating types of obligatory national social insurance at the expense of the specified means are performed by each Fund according to powers which they are allocated with the separate laws in the field of obligatory national social insurance.

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info