When and who will get a pension increase?
From March 2024, Ukraine will provide for indexation of pensions, introducing point system in accrual. This system is intended to equalize inequalities between pensioners who retired long ago and those who retired recently. According to the law, indexation will be carried out annually from March 1.
To carry it out, it is necessary to obtain a decision from the Cabinet of Ministers determining the indexation coefficient. The size of the increase and recalculation will depend on the approval of the corresponding indicator, as reported by the Deputy Chairman of the Board of the Pension Fund.
The right to an old-age pension depends on the insurance period upon reaching a certain age – 60, 63 or 65 years.
People who are over the age of 2024 are entitled to an old-age pension in 2024:
- 60 years – at least 31 years of insurance experience;
- 63 years old – at least 21 years of insurance experience;
- 65 years – from 15 to 21 years of insurance experience.
There will be another increase in April
The indexation of pensions in March is not the last increase. Already in April, it is planned to introduce another bonus, which concerns those persons who have the right to a well-deserved rest, but continue to work, increasing their work experience.
In addition, in April it is planned to increase the minimum wage and the minimum pension for those who this year can retire at the age of 60, 63 or 65 years.
It is important to note that some retirees may face difficulties in retiring due to increased length of service requirements. Now, to receive a pension at 60, you need to have 31 years of service, which is a year more than in the past. This may leave some individuals with a choice between purchasing additional service from the Pension Fund and continuing to work until age 63 or 65.
2024-02-12 07:23:19
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