According to the recent announcement by the Pension Fund of Ukraine, the average retirement payment per month is 3083 hryniva (USD 126), as of 1 January 2020.
Pensions in Ukraine in 2020
There are 11.3 million of pensioners in Ukraine, while the total population of the country is 42 million people (including kids).
The average pension in January 2020 is 3,082.98 UAH ($126).
The minimum pension in Ukraine from January 2020 is 1889 hryvnia ($77) per month, Finance.ua reported.
This minimum will be raised twice during the next 12 months, although the amounts aren’t overly impressive.
- From 1 July 2020 the minimum pension will be set at 1,712 UAH (4.5% increase).
- The next raise will happen on 1 December 2020 when the minimum will be raised by 3.3% to 1,769 UAH.
There is a substantial share of retirees who are getting just this bare minimum. It’s pretty hard to survive on this amount. Current retirees can only hope on the government pensions, since private schemes didn’t exist before. Even though such private pension funds are being developed now, Ukrainians don’t trust them.
According to Timofey Milovanov, the Minister of the Development of Economics, Trade and Agriculture of Ukraines, the average wage should be 30-40 thousands of hryvnia, while the average pension needs to be on the level of 20,000 UAH.
A recent poll by Research & Branding Group (Ukraine) revealed that to meet the needs of a Ukrainian retiree, the monthly benefit should be on the level 11,041 UAH.
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