The size of the minimum pensions of Ukrainians depending on age and length of insurance coverage
< h3>What determines the size of the minimum pension
Some Ukrainian pensioners receive minimum pension payments. The minimum pension in Ukraine is tied to the subsistence level. From January 1, 2024, the cost of living in Ukraine is 2,361 hryvnia; accordingly, the minimum payment (social pension) for pensioners increased from 2,093 to 2,361 hryvnia. The recalculation of minimum pensions depends on the age of pensioners and their insurance coverage.
What is the amount of the minimum pension
The spring indexation of 2024 was aimed specifically at increasing the smallest pensions. As a result, the minimum pension was increased to 2,725 hryvnia.The size of the minimum pensions of Ukrainians also changed depending on age and insurance experience.
From March 1, 2024, the minimum the amounts of payments to pensioners who have been assigned a pension in accordance with the Law of Ukraine “On Compulsory State Pension Insurance” are as follows:
- Pensioners who have reached the age of 65, who do not work and have a full insurance period of 30/35 years – 3370 hryvnia.
- The minimum pension of Ukrainians is up to 70 years with a full length of service of 30/35 years and persons with group I disabilities, regardless of age and length of service, is 2,980 hryvnia (except for pensions for special services to Ukraine).
- For pensioners aged between 70 and 80 years, who have a full insurance period of 30/35 years, the minimum pension is3240 hryvnia(except for pensions for special services to Ukraine).
- Ukrainians who are 80 years old and have 20/25 years of insurance experience – 3370 hryvnia (except for pensions for special services to Ukraine)
- All other categories of pensioners who do not work (regardless of length of service), social payments amount to 2,725 hryvnia (except for pensions for special services to Ukraine).
What determines the size of the old-age pension in Ukraine
The size of the old-age pension in Ukraine depends on a number of factors – in particular, on the size of the official salary from which contributions to the Pension Fund of Ukraine were calculated, on the average salary wages in the country at the time of retirement, the pensioner’s personal wage coefficient, showing how much the pensioner’s official salary was greater than, equal to or less than the average wage in the country, the insurance period coefficient.
How is the amount of the old-age pension calculated?
To calculate the pension, wages for the last three years are used according to the Pension Fund. This salary must be multiplied by the ratio of your own salary to the average and multiplied by the length of service in years and by 1%.
The average salary for the last three years is 13,547 UAH. The average pension payment as of the end of April was UAH 5,743.27. And working pensioners received a pension on average of 6,094.28 hryvnia.