Pension Fund raises retirement age for women in Ukraine from April 1.

Photo from UNIAN

Photo from UNIAN

The Pension Fund of Ukraine is raising retirement age for women from April 1, 2021, as well as changing the requirements for length of service with regard to all retirees.

Read also Pension Fund falls short of US$143 mln over quarantine benefits to entrepreneurs – minister Therefore, certain groups of Ukrainians will retire later than expected.

The new changes are regulated by Article 26 of Law No. 1058 "On Compulsory State Pension Insurance" dated July 9, 2003, according to which persons have the right to receive a retirement-age pension upon reaching the age of 60 with the required minimum length of service.

New rules for retirement

Earlier, retirement age for Ukrainian women was 59.5 years, but it is 60 years (to reach the norm established for men) from April 1.

However, women born between October 1, 1960, and March 31, 1961, will be able to retire at 59.6, as before. The remaining citizens will have to wait until they reach 60 years old.

The requirements for length of service will also change. Length of pensionable service is determined at the time of reaching retirement age.

Such requirements are being stepped up gradually in Ukraine. In 2020, one had to have at least 27 years of pensionable service to retire, whereas it will be 38 years by 2028.

However, pensionable service may be extended by "buying" if it is not enough at the time of reaching 60 years. One year of the service will cost UAH 31,680, or US$1,239 (UAH 24,937, or US$896, before April 2021).

Translation: Olena Kotova

Unian

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