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28
February
2023

Indexation of pensions by 19.7% to take place for 10.5 mln pensioners from March 1 – Ministry of Social Policy

KYIV. Feb 28 (Interfax-Ukraine) – Indexation of pensions by 19.7% will take place for 10.5 million pensioners from March 1, the Ministry of Social Policy reports.

“In 2023, indexation of the lowest pensions will be carried out for the first time. Previously, such pensions were not subject to indexation and were revised only along with an increase in the subsistence minimum (growing at a slower pace than indexation). The inclusion of such payments in the indexation perimeter allows for the growth of the lowest pensions. In accordance with the resolution of the Cabinet of Ministers, indexation of pensions from March 1, 2023 will be 19.7%. An increase in the size of pensions will take place for 10.5 million pensioners,” the press service of the Ministry of Social Policy said.

In particular, pensions will be indexed for 5.2 million “civilian” pensioners who have been granted pensions until 2020. For them, the pension increase will be carried out through indexation of the average wage by 19.7%, from which the pension is calculated.

Pensions will also be indexed for 4.2 million people, whose pensions will increase due to a 19.7% increase in the fixed amount of minimum pension payments. In particular, we are talking about minimum pensions, the amount of which already includes a state supplement to the state-guaranteed minimum amount. Thus, for such pensions, the increase will be from UAH 420 to UAH 520 (compared to the pensions established as of March 1, 2022).

In addition, pensions will be indexed for 500,000 pensioners of law enforcement agencies, for whom its entire amount will be indexed by 19.7%, and for 94,500 people receiving disability pensions due to injury or illness as a result of the Chornobyl disaster.

The department notes that monthly compensation payments (appointed at the initiative of the president) for pensioners over 70 years old will also be paid, which are established if the pension does not reach UAH 10,340: UAH 570 – for people over 80 years old; 456 UAH – people aged 75 – 80 years; and UAH 300 – for people aged 70 – 75 years.

In addition, from March 1, monthly insurance payments for 166,500 victims and persons entitled to monthly insurance payments in the event of the death of the victim will be indexed by 19.7%.

Among other things, from April 1, automatic recalculation of pensions will be carried out for 600,000 working pensioners, taking into account the updated (increased) insurance period, and special pensions will be indexed by 19.7% for 22,700 scientists, civil servants, employees of local authorities.

In addition, 500,000 recipients of pensions to whom they were assigned in 2020-2022 will receive an increase of UAH 100.