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Ukraine to Increase Minimum Pension in 2024

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From January 1, 2024, the minimum pension in Ukraine will increase from UAH 2,093 to UAH 2,361, the maximum – from UAH 20,930 to UAH 23,610.

This is stated in the EP article.

Indexation of all pensions is planned from March 1.

At the end of December 2023, First Deputy Prime Minister – Minister of Economy Yulia Sviridenko said that Ukraine could experience a delay in the payment of salaries and pensions for almost 12 million people if the West does not provide financial assistance in early 2024.

She later explained that this risk exists in the long term.

And the Minister of Social Policy Oksana Zholnovich admitted that in the absence of international financial assistance, the indexation of pensions in 2024 may not take place.

At the same time, Prime Minister Denis Shmygal at a government meeting on December 29 statedthat pensions will be paid on time in the future. He assured that indexation will take place in March 2024, as provided by law.

“The salaries of teachers and doctors will also be paid on time. Despite all the difficulties and challenges, for almost two years of war we have never delayed social payments. These are our obligations to the people, and we will do everything to fulfill them in the future.” – said Shmygal.

Also, according to the law “On compulsory state pension insurance”, in 2024 the amount of length of service sufficient for retirement will change. Ukrainians with 31 years of experience will be able to apply for retirement at the age of 60; at 63 years old – with 21-31 years of experience; at 65 years old – 15-21 years.

If a person does not have the minimum insurance period before the age of 65, he is not entitled to an old-age pension. In this case, the person will receive social assistance from the state. Its size is equal to the cost of living for persons who have lost their ability to work, that is, 2,361 UAH.

In this case, the experience can be officially purchased. For each month that is not enough, you must make a contribution that is at least equal to the amount of the minimum insurance premium on the date of conclusion of the contract, multiplied by a factor of 2.

The minimum insurance contribution is 22% of the minimum salary, from January 1 it is 1,562 UAH. So, a month of experience costs 3,134 UAH, a year – 37,488 UAH, two – 74,976 UAH, three – 112,824 UAH.

Read also: Retirement in Ukraine: who goes on “rest” and when and how much will they receive?

Economic truth

2024-01-01 14:45:35


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