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Ukraine is at a crucial juncture with its pension reform, aiming to overhaul a decades-old system to improve its sustainability and fairness. In 2024, significant steps are being taken to implement a defined contribution pension system proposed to begin by 2026. This system highlights new legislative frameworks increasing minimum pension thresholds and restructuring military pensions retroactively. Understanding these reforms is vital for future retirees, providing insights into new laws, indexing methods, and the potential involvement of international pension funds aiming at enhancing the financial viability of the pension system. Moreover, the government continues to cooperate with the International Monetary Fund (IMF) to align with broader economic reforms, ensuring the pension system's improvements align with global standards. For retirees and individuals planning their retirement, staying informed about these changes is crucial to navigating their retirement plans effectively.
News Pension reform
Cabinet plans to submit draft laws on defined contribution pension system in September - Zholnovych The Ministry of Social Policy has finalized a draft law on a professional defined contribution pension system. It can start working in 2026. 4 362 30
Social policy minister vows Ukrainian pensioners to see their payments recalculated in March Pensions indexation in 2019 will be carried out no earlier than March since data on inflation and wages will be known around mid-February. 49 131 155
"Ukraine stepped on right path," - IMF's Ron van Rooden on pension reform Minister of Social Policy, Andrii Reva and the IMF delegation headed by representative office chief Ron van Rooden discussed the course of the pension reform in Ukraine and approaches to the allocation of grants-in-aid at a meeting on Wednesday. 10 515 138
Social policy minister sees no need to raise retirement age within next decade Ukraine’s Ministry of Social Policy expects the increase in the Pension Fund revenues through bringing salaries out of the shadows. 27 325 95
Social policy minister: retired military to have their pensions reviewed retroactively in three stages from Jan. 1, 2018 Recalculation of military pensions will be carried out retroactively from January 1, 2018. Revaluation will be implemented in three stages after adoption of the law on the pension coverage of the retired military personnel. 19 750 114
IMF expects Ukraine authorities to amend anti-corruption court bill, pension reform, - spokesperson Rice The International Monetary Fund (IMF) expects the Ukrainian authorities to amend the bill on the high anti-corruption court for its second reading and revise the bill on pension reform. 5 635 70
Ukraine’s government seeks raising pensions of persons with long employment service, Deputy PM Rozenko says Ukrainian government develops a mechanism to increase pensions to those who have a long labor experience. 19 212 156
Only eight out of 16 million Ukrainian women have jobs, Deputy Prime Minister Zubko says Eight out of 24 million able-bodied Ukrainians are male; only eight out of 16 million employable women have jobs while the rest are housewives. 19 358 258
Pensions increase affected 10.2 million people, average payment up by 560 hryvnia, - Social Policy Minister Reva Social Policy Minister Andrii Reva told the parliament members about the pension reform implementation. 37 410 305
Foreign funds should be involved, - PM Hroisman on defined contribution pension system Ukraine's Prime Minister Volodymyr Hroisman has supported involving private international pension funds to Ukraine for creation of the defined contribution pension system. 12 258 128
Pension reform bill entered into force The pension reform that provides for increase of the required insurance period for retiring up to 25 years in 2018 and 35 years by 2028, has come into effect. 17 769 84
Bill on pension reform published, comes into effect tomorrow: pension increase will be effective from Oct. 1 The bill on amending certain legislative acts of Ukraine regarding increase of pension payments was published in Holos Ukrainy governmental newspaper on Tuesday. 81 926 230
Poroshenko signed bill on pensions increase President of Ukraine Petro Poroshenko has signed the bills within the pension reform. 73 183 785
Cabinet increasing minimum pension to 1,452 hryvnia, - Vice PM Rozenko Effective Oct. 1, a minimum monthly pension will be increased up to 1,452 hryvnia ($55), not 1,373 hryvnia, as planned earlier. 65 191 359
Minimum pension to be increased to 1,452 hryvnia if pension reform passed, - Social Policy Minister Reva Minister of Social Policy of Ukraine Andrii Reva says that if the pension reform is adopted, the minimum pension payment will be increased to 1,452 hryvnia ($55 monthly) from Oct. 1. 41 706 401
8.5 million retired Ukrainians receive pension payments at living wage, - Social Policy Minister Reva Out of 12 million Ukrainian retirees, 8.5 million receive pension payments in the amount of living wage. 38 077 154
Issue of land market launch in Ukraine to be postponed, - Iryna Lutsenko In the next political season of 2017, Ukraine's parliament is to amend the law on the Auditing Chamber. 12 726 97 Previously in trend: Land reform
Rada adopts government's pension reform draft in first reading The Verkhovna Rada of Ukraine has adopted the pension reform draft bill as proposed by the government. 67 014 305
"Remember: retirement age in Ukraine is 60 years," - PM Hroisman After the pension reform, retirement age in Ukraine will be 60 years. 50 673 274
Bill on pension reform to be introduced in Rada in coming days, - PM Hroisman The draft bill on pension reform will be introduced in the Verkhovna Rada of Ukraine on June 19-20. 9 206 23
Pension Fund of Ukraine will go broke without reform, - PM Hroisman The Fund might go bankrupt in three to five years. 12 950 76
IMF mission in Ukraine over, pension and land reforms expected Ukraine's economy continues to recover, near-term outlook is positive. 24 969 232 Previously in trend: Cooperation with IMF
Rise in pensions not to boost inflation, Minister Reva says Pension payments for Ukrainians will not be raised at the expense of the state budget. 12 193 104
List of jobs giving right for early retirement to be expanded, - PM Hroisman The pension reform proposed by the government provides for the expansion of the list of occupations that give the right to early retirement. 45 835 56
PM Hroisman says majority of Ukrainian pensioners live below poverty line Ukraine’s PM has presented the Cabinet a new law on pension reform providing for the minimum pension increase up to 3,764 hryvnia ($144) from Oct. 1. 20 416 147
Ukraine will not receive another IMF tranche without pension reform, - Minister Danyliuk The finance minister of Ukraine stressed that the pension reform is required not only for the IMF tranche, but for Ukraine and it people at first place. 28 718 129
Minister Reva: Pension reform bill ready but still to be harmonized with IMF before being submitted to parliament Minister of Social Policy of Ukraine Andrii Reva says the government bill on pension reform is ready, but it must be harmonized with the International Monetary Fund before being submitted to the Verkhovna Rada. 17 843 52
Ukraine’s pension system on the brink of collapse, social policy minister says Ukrainian Minister of Social Policy Andrii Reva believes the domestic pension system is heading for a large-scale disaster. 62 248 345
Accumulative system stipulates transfer of pension by inheritance, - Vice Premier Rozenko The accumulative pension system will allow Ukrainian pensioners to transfer the amassed money by inheritance. 24 462 148
Pension system to disintegrate in decade at most unless steps taken, - Minister Reva Ukraine is faced with the collapse of its pension system unless necessary measures are taken to deal with the situation. 47 314 368
PM Hroisman names land, pension, education reforms, state property privatization as government priorities Ukraine’s medium and long term outlook will depend on five decisions taken by the government together with the Verkhovna Rada. 9 061 78 Previously in trend: Hroisman's Cabinet Land reform
Ukraine can not delay retirement age increase, - IMF Ukraine can no longer postpone a comprehensive pension reform, including raising the retirement age. 102 696 330
If pension system not reformed, future generations of pensioners to be poorer than today's, - World Bank's Ukraine director Kahkonen The pension reform is sorely needed in Ukraine. 7 483 52
Ukraine-IMF Memorandum has provisions on pension reform and land market, - Finance Minister Danyliuk The renewed text of the IMF Memorandum on Ukraine that was signed last week includes items on the pension, land, bank, and other important reforms. 42 493 135 Previously in trend: Land reform
All pension taxes paid by retirees should be taken into account upon retirement, deputy prime minister says Vice-Prime Minister of Ukraine Pavlo Rozenko says that pension accounting should include all contributions by each person to the Pension Fund, not only those made after 2000. 64 310 128
IMF Memorandum demands freezing minimum wage for three years, - Reva The government is allowed to increase pension payments but cannot raise salaries. 65 973 189
To receive retirement payments, Ukrainians have to earn it: reaching 60 is no longer enough, - Social Policy Minister Reva The head of the Social Policy Ministry says the retirement age in Ukraine will not increase. However, a citizen must earn a certain term of service enough for retirement. The draft bill on the pension reform is ready. 142 570 890
No retirement age increase expected in Ukraine, Deputy Prime Minister Rozenko says The pension reform the government scheduled to implement this year does not stipulate for raising the retirement age, while the IMF does not insist on it either. 25 009 145
"Pension system to be changed in 2017," - PM Hroisman The Ukrainian system of pension payments is to be changed in 2017. 58 716 161
IMF insists on retirement age increase, - Minister of Social Policy Reva Minister of Social Policy Andrii Reva says the International Monetary Fund insists on raising the retirement age in Ukraine. 84 237 296
Pension reform bill to be introduced to Rada in spring, - Reva In spring 2017, the Ministry of Social Policy of Ukraine plans to present a bill on pension reform to the Verkhovna Rada. 47 940 121
Talks about raising retirement age seek to undermine situation and frighten people, - Hroisman Prime Minister Volodymyr Hroisman has commented on a possible pension age increase in Ukraine. 36 953 205 Previously in trend: Hroisman's Cabinet
Social Policy Ministry expects 141.5 billion hryvnia Pension Fund gap in 2017 The final version of pension reform has not yet been developed. The Ministry of Social Policy of Ukraine is considering various options and principles of reform. It will be possible to talk about the final version only after it is publicly discussed, considered by the Cabinet of Ministers, and submitted to the Verkhovna Rada of Ukraine. 21 653 204
PM Hroisman critisizes Ukraine's pension system, calls it 'tragic' Decreasing the deficit of the Pension Fund and increasing the size of pensions is a strategic task for the government in 2017. 112 891 294
Ukraine’s PM: We plan to increase pensions by 10 percent in 2017 Prime Minister of Ukraine Volodymyr Hroisman says Pension Fund shortfall reduction is the Ukrainian government’s key task, and the Cabinet plans to increase pensions by 10 percent in 2017. 54 883 391
Retirement age in Ukraine should be increased starting with subsidized households, - IMF official We’ll need to start with an increase in the retirement age of a number of groups that are exempt at the moment from the general retirement, that have special privileges on the retirement age. 111 656 337
Ukraine’s Finance Minister does not rule out possible retirement age increase during forthcoming pension reform The Minister of Finance of Ukraine Oleksandr Danyliuk does not rule out a possible increase of the retirement age as part of the upcoming pension reform in Ukraine. 38 358 133
Ukraine unable to avoid retirement age increase, - Social Policy Minister The government has no plans to raise the retirement age in Ukraine so far. However, it will be needed to be done in the future. 124 165 672
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