In Ukraine, the requirements for work experience to retire at 60 are increasing each year. Already, some 60-year-olds cannot apply for retirement at the established age, and by 2028, this number will grow even larger.
This is reported by Finway
Changes in Pension Legislation and Their Impact
According to data from the Pension Fund, last year, pensions were granted to 210.5 thousand Ukrainians. The average insurance record of those who reached retirement age was 33 years and 9 months. Currently, to retire on time at 60, one must have at least 32 years of service.
In the coming years, the required service norm will only increase. Starting in 2026, 33 years will be needed, in 2027 — 34 years, and from 2028 onwards — 35 years of service. Thus, more and more Ukrainians will be unable to meet the necessary criteria and will be forced to work until 63 or even 65 years old.
The Real Situation and Consequences for Ukrainians
The planned increase in service requirements was introduced in 2017. At that time, it was predicted that by 2028, only about 45% of citizens would be able to retire at 60. Another 50% would work until 63, and 5% until 65. However, these forecasts were made before the coronavirus pandemic and the full-scale war, which significantly impacted the labor market situation.
The government assumed that more Ukrainians would legalize their employment to accumulate the necessary service. In practice, however, a significant portion of the population still works informally, complicating compliance with the new requirements. The situation may actually be even more challenging than previously anticipated.
“As of last year, when only 31 years of service were required to retire at 60, 156.8 thousand people (or two-thirds of the total number of those who retired) did so on time. However, in just a few years, the situation will change dramatically.”
It can already be predicted that at least half of Ukrainians will have to work until 63-65 years old. The importance of accurately accounting for service is also increasing: until 2004, service was calculated based on entries in employment books, and after 2004 — only based on periods of insurance contributions. Additionally, since 2004, education and military service are not counted towards service. To meet the new requirements, most citizens will need to work almost their entire working life continuously.