Ukraine’s Cabinet approves Pension Fund's budget for 2020.

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Cabinet of Ministers approved the Pension Fund's budget for 2020. Prime Minister of Ukraine Oleksiy Honcharuk announced this on his Telegram page.

"The amount of funding for pension programs is 7 billion 26 million 81 thousand dollars. I note that the budget of the Pension Fund of Ukraine for 2020 is balanced," the message says.

It is worth noting that since January 1, 2020, the minimum pension in Ukraine amounts to 66,7 dollars, from July 1 it will increase to 69,7 dollars, from December 1 - up to 72 dollars.

In addition, as of January 1, 2020, the number of years of service required for retirement pensions has been steadily increasing in Ukraine.

Related: Doomed for 20 years: When would Ukrainians receive decent pension?

Now only those who have at least 27 years of work experience can claim a pension.

If a person lacks seniority, the retirement age will not be 60, but 63, or 65, depending on the present work experience and the date of application for the pension.

As we reported earlier, Pension Fund of Ukraine has published data on the number of retirees and average pensions as of January 1, 2020. It was reported by RBC-Ukraine with reference to the Pension Fund’s publication on Facebook.

According to the Pension Fund, as of January 1, there were 11,3 million pensioners in Ukraine, and the average pension was 127 dollars.

Related: Pension Fund announces average pension in Ukraine

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