What determines the size of the pension: how much you need to earn to receive a pension of 10 thousand hryvnia.
What determines the size of the pension
Today, pensions in Ukraine depend on the average salary in the country at the time of retirement, the pensioner's personal salary coefficient, which shows how much his official salary was greater than, equal to, or less than the average salary in the country, and the insurance experience coefficient.
The pension amount is determined when it is assigned. Not only the insurance experience is important for its determination, but also the pensioner's level of earnings. It is the salary amount that most influences the pension amount – the higher the pensioner's salary, the larger the pension he can receive in the future. Even with 40 years of service, but a small salary, a person will receive the same small pension.
How much do you need to earn to receive a pension of 10 thousand hryvnias?
To receive a pension of 10,000 hryvnias in 2024, you need to earn about 27,094 hryvnias monthly. According to the Pension Fund of Ukraine, only a little more than 12% of Ukrainian pensioners receive a pension of more than 10,000 hryvnia.
What will be the pension of Ukrainians earning the “minimum”?
The pension of Ukrainians receiving the minimum wage will be no less than 40% of it, but on condition that the person has a full insurance record.
That is, if the minimum wage is now 8,000 hryvnia, then the pension, as established by the government, for them will be at the level of 3,370 hryvnia.
But if a Ukrainian received the minimum wage and at 65 does not have the required insurance record, then his pension payments will be lower, because the insurance record also affects the amount of the pension, namely 2,725 hryvnia.
Pensioners can increase the size of their pension if they voluntarily continue working during their well-deserved retirement.