Increased Pension Benefits for Working Retirees in Ukraine
In Ukraine, working retirees have begun to receive recalculated pension payments as part of a new adjustment process initiated earlier this year. The recalculation, which started on April 1, is designed to benefit pensioners who have continued working after initially qualifying for pension benefits. By June, those eligible under this new scheme are expected to see an increase in their pension payouts.
According to official statements, the recalculation is automatic and applies to pensioners who have accrued at least 24 months of insurance experience by March of the following year. For those who have worked less than 24 months since their pension was either initially awarded or recalculated, they will still be eligible for a review, provided that two years have passed since their last pension adjustment.
The recalculation will take into account the pensioner’s insurance experience, even if that experience is below the 24-month threshold. This means that pensions may be reassessed based on the earnings data from when the pension was first determined or from income earned after the last recalculation.
Experts emphasize that the average wage index utilized during the pension assignment process or previous adjustments will remain unchanged, ensuring stability in the calculations. However, if a retiree’s total insurance tenure is less than 24 months by the specified cutoff, the next recalculation of their pension will not occur until two years have elapsed from the previous determination, focusing solely on the acquired insurance experience without altering the salary used in the initial calculation.
This initiative reflects an ongoing effort in Ukraine to adjust pension benefits for those who continue to contribute to the workforce, ensuring that retirees receive fair compensation for their years of service.
