Lacking work experience for retirement: how to buy it for 1760 hryvnias

Ukrainians can now 'buy' insurance experience for retirement. Voluntary participation in the pension insurance system through minimal payments can help increase the experience of those who do not have enough years of work. This opportunity was emphasized by the head of the Pension Fund of Ukraine, Yevhen Kapinous.

Increasing experience through voluntary contributions

According to Kapinous, the possibility of adding insurance experience has existed since 2004. A new simplified procedure for participating in pension insurance, which was introduced at the beginning of 2023, is offered to those who cannot count on permanent income but wish to pay insurance contributions.

“If there is a lack of experience, a person can add it by participating in the mandatory insurance process. The main thing is to take care of it in advance.”

Rules for pension insurance participants

Individuals aged 16 and older can participate in the system, regardless of insurance status and the absence of a designated pension. It is important not to forget to pay contributions that are not lower than the established minimum to ensure the accumulation of experience.

Statistics and contract conclusion process

With the signing of more than 11 thousand contracts for voluntary participation in the pension insurance system, nearly 53 thousand payments totaling over 117 million hryvnias have been made through the PFU web portal. To conclude a contract, one must contact the PFU electronic service and make the necessary payment.

Making additional contributions for pension insurance can help Ukrainians prepare for a comfortable old age, even if they have insufficient insurance experience. The new opportunity to 'buy' insurance experience through voluntary contributions opens up more possibilities for supporting financial security in the future.