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Social expenses top State Budget 2014 expenditures

Posted by the Editor on January 23, 2014


News / 23 January 2014 | 12:10

Social expenses top State Budget 2014 expenditures

Social expenses top State Budget 2014 expenditures

The social sphere has a priority for funding in the State Budget for 2014. According to Anatoly Myarkovsky, First Deputy Minister of Finance, social security is at the top in the budget by costs; education is in the second place; and third place is taken by nation-wide functions – including the state debt service and transfers to local budgets. The fourth place is held by foreign economic activity, the fifth – by healthcare. Financing of Ministry of Internal Affairs and Prosecutor’s Office is in the sixth place, the Information-Analytical Bulletin of the Cabinet of Ministers of Ukraine informs.
According to Anatoly Myarkovsky, subsistence rate will grow by an average of 8.1% YOY in 2014. Thus, from Jan. 1, 2014, monthly cost of living for one person is 1,176 UAH; from Jul. 1, 2014 – 1,207 UAH, from Oct. 1, 2014 – 1,256 UAH. Also, social aid to poor families (for every child aged 3 to 13) grew by 250 UAH; for every child aged 13 to 18 – by 500 UAH. The moneys issued to the Pension Fund grew by 5%, up to 87.4 billion UAH YOY, in the State Budget 2014.
Maternity benefits also shows a significant growth. The first child is supported by payment equal to 30 living wages – 30,960 UAH; the second child – by 60 living wages (61,920 UAH); third and subsequent children – by up to 120 living wages (123,840 UAH).
In 2014, the minimum wage will grow to 1,301 UAH. The increase will take place in two stages: on Jul. 1, 2014 – 1,250 UAH; on Oct. 1, 2014 – 1,301 UAH.
Thus, 2010 to 2014 inclusive, the minimum wage in Ukraine has grown by 75%, whereas in 2009, this figure was at the level of 744 UAH.

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