How pensions will be increased in 2024: how much and when

The Ukrainian government plans to index pensions in 2024. At the same time, a new point-based pension calculation system will be introduced.

Pension increases are expected in January, March and July. In 2024, Ukraine will recalculate pensions in three stages, NV.ua reports.

• In January 2024 pensions will be increased for those who receive the minimum and maximum pensions due to the increase in the subsistence level. The subsistence minimum for people who have lost their ability to work will increase from UAH 2093 to UAH 2361. Thus, the minimum pension will increase to UAH 2,361, and the maximum pension to UAH 23610.
• In January and July 2024 pensions will be recalculated for Chernobyl victims and those who receive the minimum pension at the age of 65 with full insurance record. The minimum payment for these people will first increase from UAH 2680 to UAH 2840, and then to UAH 3200.
• In March 2024 pensions will be increased for all those whose pensions are to be indexed according to the plan. Indexation will be based on a point system. The purpose of the innovation is to equalize the payments of citizens who retired at different times.

The minimum pension in Ukraine will increase from January 1, 2024. This is due to an increase in the subsistence minimum, which the government has set in the state budget for 2024. The total subsistence minimum in 2024 will be UAH 2,920. The subsistence minimum for people who have lost their ability to work should increase to UAH 2361.

Thus, the minimum pension will increase to UAH 2,361, i.e. by UAH 268 compared to 2023 (currently it is UAH 2,093).

In 2024 an increase of:

• maximum pension payments from UAH 20930 to UAH 23610;
• payments for overtime service from UAH 20.9 to UAH 23.6 for each additional year.

In addition, other pension supplements (for special merits, additional payments to war veterans) and various social benefits will be increased after the subsistence minimum is raised.

The increase in pensions in 2024 will be a positive factor for pensioners. The increase in pensions will allow them to maintain their standard of living and purchase the necessary goods and services.

However, it is important to note that the increase in pensions will not fully compensate for inflation, which is projected to be around 10% in 2024. Therefore, pensioners will still have to save and look for additional sources of income.

Earlier, we wrote about how the pension supplement is calculated for overtime service.

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