In Ukraine, starting from 2028, the requirements for service years to retire at 60 will be increased annually. Currently, to receive a pension, Ukrainians must have at least 32 years of service, and most of them meet this requirement. However, according to forecasts, in just a few years, the average service years accumulated by Ukrainians by the age of 60 will be below the established requirement.
This is reported by Finway
Increasing Service Year Requirements and Consequences for Ukrainians
A woman named Svitlana, who worked at a market for 28 years, shared:
“I worked at the market for 28 years. Next year I turn 60, and I will not have a pension”
. By the time she reaches retirement age at 65, she will need to have at least 15 years of service, but currently, she has only 9 years.
According to data from the Ministry of Social Policy, by 2027 only 5% of Ukrainians will be able to retire at 65, 40% at 63, and 55% at 60. Starting in 2024, to retire on time, Ukrainians will need to have an average of 33 years of service, and the following year – 34 years, and so on. This could become critical for a large number of people.
How to Check Your Service Years and Options for Buying Additional Service
Irina Kovalchuk, Deputy Head of the Pension Fund of Ukraine, noted that last year, 436,000 Ukrainians retired, with an average service of 33 years and 9 months. However, many 60-year-olds will not be able to retire on time due to insufficient service years. Those who do not reach 15 years of service will receive social assistance to compensate for the difference between their actual income and the minimum subsistence level.
Ukrainians can check their service years from 2004 on the Pension Fund portal in their personal account. If the indicated service is not accounted for, it is necessary to provide documents confirming the service years. To log in to the portal, one can use an electronic signature or the Diia app.
Regarding the possibility of buying additional service years, Ukrainians can pay a single contribution for past and future periods. For future periods, the contribution must be at least 1,760 hryvnias per month starting from April 1, 2024. For past years, the contribution amount is twice as high – 3,520 hryvnias per month.