Parliament proposes to change the cost of living: bill

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According to the new bill, the cost of living should be a fraction of the average salary for the year

Parliament proposed to change the cost of living: a new bill. Photo: Central News

The cost of living is the minimum level of income required to meet a person’s vital needs. The cost of a living indicator is social in nature and is used in creating state and local budgets.

Since 2021, the Ukrainian parliament has been proposed to change the approach to calculate the cost of living. Bill no. 3515 provides for creating necessary conditions to increase the cost of living.

According to the proposed bill, the cost of living should be a fraction of the average salary for the year the state budget was made for the following year. In 2021, the stake should increase by at least 40% and 1% annually – up to 50% in 2031.

Legislators suggest that the government increase the cost of living if it is at least 10% lower than the actual cost of living for three months. For calculating pensions, it is proposed not to use the full cost of living calculated according to the new rules, but only a part of it. In 2021 to reach 100% in 2021, it is 44% and 2% higher every year.

“The current regulatory method for establishing a living wage is characterized by a certain imposition of a value system on the choice between individual products, goods and services. The definition of the ideal of the so-called basic human needs reflects the position of the authorities or the idea of ​​individual scientists in comparison to the actual consumer needs of an individual at an adequate level, ”says the explanatory note for the bill.

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Recall, Ukraine’s President Vladimir Zelensky signed the law “Reforms in Ukraine’s tax code regarding reforms in tax administration, elimination of technical and logical inconsistencies in tax law.”

According to the new law, several changes are envisaged with the aim of reforming and simplifying the tax administration system, implementing it globally.

Read: Banks, Loans and a Financial Pillow: How to Save Money During a Crisis


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