From April 1, Ukraine will recalculate pensions for citizens who have already reached retirement age, but continue to work. Pensioners will receive increased payments in May.
You don’t have to go anywhere – all calculations will be made automatically. Such rules are stipulated by the law “On Compulsory State Pension Insurance”.
The amount of the increase will be individual. Moreover, the higher the salary, the greater the increase can be. As GLOBAL HAPPENINGS calculated, if you have 35 years of service and a pension of UAH 9,000 (according to the formula), the increase will be UAH 514.
However, for the majority of Ukrainians, the increase will be less significant. Thus, 285 hryvnias will be added to a pension of 5,000 hryvnias in the presence of a “full” length of service.
The formula also takes into account the “new” seniority – for recalculation, it must increase at least two years from the date of the last increase. That is, an increase in April 2023 will be received by working pensioners who were not affected by the recalculation last year.
Recall that Ukrainians who officially receive the minimum wage, after reaching retirement age and with sufficient experience, will be able to claim only the minimum pension. Its size now is only 2093 UAH.
As GLOBAL HAPPENINGS wrote earlier, in Ukraine, not all 60-year-olds can count on getting a well-deserved rest on time. It depends on experience. Those who have not fulfilled the norm will work until the age of 63 or 65.
I am a journalist who writes about economics and business. I have worked in the news industry for over 5 years, most recently as an author at Global Happenings. My work has focused on covering the economy news, and I have written extensively on topics such as unemployment rates, housing prices, and the financial crisis. I am also an avid reader and have been known to write about books that interest me.