00:00By 2050, about 60 elderly people will be left without pensions.
00:05The war has only accelerated demographic processes.
00:08The process, the working-age population is shrinking.
00:12Millions of Ukrainians have gone abroad.
00:14The birth rate remains low.
00:15The economy has lost a significant part of its productive potential.
00:19This is a kind of slow-motion social time bomb.
00:22The longer it is ignored, the more expensive and painful the consequences will be.
00:26It sounds absurd, but the most progressive president in the history of Ukraine who tried
00:31to fix the pension system was Leonid Kuchma, who, in 1998, launched pension reform by presidential
00:39decree, which continues to this day.
00:41Today, we're talking about the most unpopular reform in Ukraine.
00:45We're breaking down why the current pay-as-you-go pension system doesn't work, how much it actually
00:50costs the state, and what needs to change.
