A major pension recalculation is being prepared in Ukraine, which will affect a significant portion of pensioners. The basis for the new calculations will be updated average wage indicators — a key element of the formula determining the payment amount for most citizens.
How the recalculation will be conducted
The Pension Fund of Ukraine (PFU) explained that updating data on the average wage will allow for an increase in pensions for those whose payments directly depend on insurance seniority and the individual earnings coefficient. Important: the procedure will take place automatically — there is no need to submit applications. The amount of the increase will be individual and will depend on work experience and the level of official income throughout life.
Why this is necessary
Representatives of the department emphasize that updating indicators is necessary to maintain the real purchasing power of pensions, especially in conditions of inflation and rising household expenses. This is part of the pension reform aimed at a fairer distribution of payments and support for citizens with long-term official work experience.
What's next
The PFU notes that the further dynamics of payments will depend on the economic situation and the possibilities of the state budget. Regular review of pensions taking into account the updated average wage has already become part of the system designed to adapt pension provision to current realities.
It was previously reported that retirement conditions would change — the required seniority will be reviewed. It was also reminded that without timely verification procedures, payments may be suspended. In addition, new minimum pension amounts have been established — from 20,000 hryvnias.