In Ukraine, from July 1, 2021, the subsistence minimum (PM) will be recalculated for all categories, including pensioners. As a result, the minimum pension will increase by UAH 85 to UAH 1,854, and the maximum pension by UAH 850.
This follows from the approved budget of the Pension Fund for 2021. So, according to the law, the increase will affect the majority of Ukrainians over 60 years old. So:
the minimum pension cannot be less than the subsistence minimum, at the same time, the increase for the length of service in excess of the norm is 1% of the minimum wage;
the maximum pension cannot exceed 10 living wages (the exception is valid for judges).
Fishermen are entitled by law to an unlimited pension. It is up to 80% of the salary. Ordinary Ukrainians receive less than 35% of their salary, and at the same time, the amount of their payment is limited to 10 living wages. Now it is 17 690 UAH.
In the formula, the average salary for the past three years is multiplied by the ratio of one’s own salary to the average, by the number of years worked and by 1%.
As OBOZREVATEL already wrote, with a pension of 3.5 thousand UAH, the amount of the increase can be about 385 UAH. If the decision is postponed from March, for example, to December, Ukrainians will lose UAH 3.4 thousand.
Earlier, OBOZREVATEL wrote in detail about how the pension reform from the Cabinet of Ministers will look like and why the situation with the payment of pensions in Ukraine will worsen every year.