Some Ukrainians will have to work longer.
In Ukraine from 2024, the requirements for length of service have been increased: now, to retire at the age of 60, you must have at least 31 years of experience. Those who have from 21 to 31 years of experience must work until they are 63.
Observer writes about this.
The Pension Fund found it difficult to answer with what average length of service Ukrainians retire. However, according to expert estimates, just a few years ago, Ukrainians had an average of 32 years of experience. That is, they will be able to meet most of the requirements of 2024.
But just a few years after the next increase in length of service requirements, the lion’s share of Ukrainians will not be able to meet this standard. They will have to work longer.
The requirements will increase every year. In particular, for a pension at 60 years old, you will need to have:
2025 – from 32 years of experience
2026 – from 33 years
2027 – from 34 years old
2028 – from 35 years old
Remember:
On Friday, February 23, at a meeting of the Cabinet of Ministers, it was decided to introduceindexation of pensionsfrom March 1, 2024. Prime Minister Denis Shmyhal announced this.
“This is the third indexation during a full-scale war. Pensions will be increased by almost 8%. The average increase will be 322 UAH, and the average pension will increase to 5 717 UAHThe size of the increase is calculated based on inflation and the growth of average wages in Ukraine,” the prime minister said.
It is noted that the indexation will affect more than 10 million citizens, including 9.5 million civilians pensioners, almost 600 thousand pensioners of law enforcement agencies and almost 100 thousand “Chernobyl victims”.
We would like to remind you that the size of the corresponding increase is calculated using a special formula. Half of last year's inflation rate is added to 50% of the average annual wage growth rate. In particular, data for the last three years is also taken into account when making payments. Consequently, indexation in Ukraine is expected to be 13%.