The Cabinet of Ministers will allocate UAH 470 billion for social expenses in 2024. Pensions will increase by 13%, and the government will allocate UAH 50 billion for subsidies. Prime Minister Denis Shmygal announced this at a government meeting.
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Indexation of pensions
“During the full-scale war, we have already carried out two indexations of pension payments. We will hold another one in March 2024. According to preliminary calculations by the Ministry of Social Policy, pensions will increase by an average of 13%,” Shmygal said.
Social expenditures of the state budget in 2024 will amount to UAH 470 billion, which is UAH 25 billion more than last year .
UAH 50 billion will be allocated for subsidies, which is UAH 12 billion more than in the past.
Read: Indexation of pensions: in The Ministry of Social Policy announced the approximate size in 2024
Also, spending on social protection of persons with disabilities is almost doubled, and the program to support low-income families is being increased.
In addition, the minimum wage will be increased. The government will continue to provide assistance to internally displaced persons.
Earlier, the Ministry of Finance wrote that the reform of the solidarity pension system should increase the pension size to 30% of average earnings.
“Reform of the pension system. Traditionally, on March 1, pension indexation will take place, as has happened in all previous years… But this year we will do it more fairly – we will reform the solidarity pension. We want the solidarity pension for Ukrainians to be understandable, transparent and amount to 30% of the average earnings,” Shmygal said.
Read: The PFU told how many Ukrainians receive pensions of more than 10 thousand hryvnia
He explained that the introduction of a point system should eliminate the disproportion in the amount of pension payments received at retirement in different years.
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