The insurance service for pension benefits is increasing
Every year, the insurance service required to retire at the age of 60 increases by 12 months. This news was announced by the head of the Pension Fund of Ukraine, Yevhen Kapinus, in a special interview with 24 Channel.
According to Kapinus, in order for the insurance service at the time of retirement in 2025 to be at least 32 years. In 2028, this figure will rise to 35 years, the head of the Pension Fund clarified.
'The retirement regulations were approved back in October 2017. The duration of the insurance service determines the retirement age, which can be 60, 63, or 65 years old,' added Yevhen Kapinus.
Other important aspects of the pension system
Moreover, Kapinus noted that the average insurance service of current retirees is over 37.5 years. Since 2004, periods for which contributions have been made at least at the minimum level, which currently stands at 1760 hryvnias, are taken into account in the insurance service.
The head of the Pension Fund explained that the pension amount is calculated according to the formula: salary multiplied by the insurance service coefficient, with the possibility of optimizing payments. He also discussed the conditions for pension benefits for citizens living in areas with military actions.
It should be noted that pension appointments for residents of temporarily occupied territories may be suspended without completed personal identification, which is an important condition for payments.
The Ukrainian Pension Fund continues to improve the pension system by increasing the requirements for the insurance service to receive a pension in the future. This is aimed at enhancing the financial stability of the pension system and ensuring decent conditions for retirees.