The law “On mandatory state pension insurance” stated: in Ukraine, from 2021, retirement requirements at age 60 will increase by 12 months: you must have at least 28 years of insurance experience. The rest will have to either buy more experience or work until the age of 63 or 65.
This is exactly the period of work when contributions to the Pension Fund were paid from wages.
Who will have to work until the age of 65?
Ukrainians with 15 to 18 years of experience. There is an absolute minority of such people in Ukraine. As Lydia Tkachenko, a senior researcher at the Institute of Demography and Social Research, explained, next year the tightening of requirements will not significantly affect Ukrainians. However, in 2-4 years, many 60-year-olds will notice the innovation.
Who will have to work until the age of 63?
Those Ukrainians who have 18 to 28 years of experience. The number of those forced to work until the age of 63 will gradually increase to 40% of all 60-year-olds. You can find out how the requirements will grow by reading the infographics.
If you do not have enough experience, there are several options.
Buy additional experience. If you buy at the age of 60, the cost of each month will be calculated by the formula: two minimum wages multiplied by 22%. From January 2021, it is UAH 2,640.
If you do not have 5 years of experience, you do not work and you are 55 years old, you can voluntarily pay a contribution to the Pension Fund. Its size will be less: 22% of the minimum wage. From January 2021 it is UAH 1,320.
Wait for a new retirement age. Another option: keep working until you get paid. It is also worth noting that temporary pensions, which until 2021 were granted after 60 years and until reaching a new retirement age, no longer apply.
