UKRAINE FINANCIAL COMMISSION INTERMEDIARY

Official comments on prospects for raising retirement age for women

The Ministry of Social Policy has explained possible grounds for raising the retirement age for Ukrainian women. Women in Ukraine retire at the age of 59.5, Deputy Minister Mykola Shambir told Ukraine 24. The Government so far has no plans to review it, he added. "If there is 35 years of employment record, it will remain unchanged. So we aren't talking about some other retirement age, because it should correspond to life expectancy in Ukraine. Accordingly, health status and quality of life affect these indicators," said the official.

At the same time, Shambir did not rule out raising the retirement age if life expectancy of the population improves. It should correspond to life expectancy in Ukraine Pensions in Ukraine: background The size of the minimum pension from July 1 grew by UAH 74 (US$3) to UAH 1,712 (US$64). Last time pensions were increased on December 1, 2019, to UAH 1,638 (US$61). Seniority payments to pensioners whose employment history exceeds 35 years (for men) and 30 years (for women) will also grow from July 1. It is 1% of the minimum pension for each additional year (from July 1, it is UAH 17.12 (US$0.64) against UAH 16.38 (US$0.61) before July 1). The Cabinet of Ministers plans to introduce a funded pension system in Ukraine from 2021 and stimulate the development of a private pension system. The Cabinet also intends to adapt to the EU laws Ukrainian legislation on private pension funds to enhance protection of property rights and interests of pensioners, according to the finalized action plan.

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