Pensions will increase in Ukraine next year: who should expect an increase
Ukraine is planning to increase the maximum and minimum pensions starting from January 1, 2024. This initiative will apply to those pensioners whose payments are currently limited to 10 subsistence minimums.
The maximum pension will increase by UAH 2.6 thousand. UAH, moving from UAH 20,930 to UAH 23,610. The subsistence minimum will also increase from UAH 2093 to UAH 2361, which will be used as the minimum pension amount.
In addition, other pension increases are envisaged, including the recalculation of pensions under the new point system. According to this system, the calculation will take into account the average salary for three years multiplied by the ratio of the average salary in the country to the salary of the future pensioner. The resulting amount will be multiplied by the number of years worked and 1%.
Those who pay contributions to the Pension Fund from their average salary will receive a pension equal to approximately 29% of their normal income after retirement. Currently, this amount is 4.5 thousand. UAH.
Pensioners who receive the minimum wage will be entitled to a pension of UAH 2093. To receive a pension in the amount of 10 thousand. The official income should be UAH 33.3 thousand. UAH, and this must be the official income from which contributions are paid.
As a reminder, the mandatory period of insurance service required for retirement by age is increasing annually in Ukraine. To receive a pension at the age of 60, a future pensioner needs to have at least 30 years of insurance record.
