Ukrainians aren’t on the forefront by the social security factor, but in 2020 they will see pensions rising 3 times. Not increasing by 200% but the minimum pension payments will be increased multiple times through the year: In January, July, and December 2020.
Keep the pensions rising
Getting the lowest average wages in Europe, Ukrainians can go a long way with salary raises. But the situation with pensions is even worse.
Right now the minimum monthly pension is only 1,638 hryvnia (USD 66), which equals the official sustenance level. Because the sustenance level is linked to many different benefit and social payments, the country’s budget is unable to sustain its increase to the level that is actually required for a grownup to survive. Thus, pensioners have to complement their income with gardening, thus saving on food bills, as well as getting some monetary assistance from kids.
In 2020 there will be 3 boosts to the official pension level. In January, payments to retired military servicemen and women will be raised, Finance.ua reported.
In July, the minimum retirement benefit will be raised to 1,769 hryvnia (USD 71), which doesn’t seem like a lot, but it’s 8% increase.
In March 2020 pensions are supposed to be indexed, but to get this plan through is only possible if other social benefits and payments are no longer linked to the official sustenance level.
This plan may be green lighted soon when 2020 budget is voted in.
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