Minimum pension in Ukraine grows from July 1

The minimum pension in Ukraine has grown on July 1.

"From July 1, the minimum pension will amount to UAH 1,564 (US$60). Thus, pensioners with a minimum amount of pensions will receive an additional payment of UAH 67 (US$2.56)," according to the press service of the Ministry of Social Policy of Ukraine.

According to Deputy Chairman of the Board of the Pension Fund of Ukraine Iryna Kovpashko, a number of normative documents determine the mechanism of constant increase of social standards of Ukrainian citizens. These are the usual scheduled pension calculations that relate to personal indicators of recepients (length of service and size of wages). The recalculation covers a large number of citizens, which is almost 8.5 million pensioners.

It is noted the next recalculation of pensions in connection with an increase in the subsistence minimum for Ukrainian citizens will take place in December this year.

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As UNIAN reported earlier, on June 25, Ukrainian Prime Minister Volodymyr Groysman announced the Cabinet had finalized the decision to increase pensions to citizens with a long record of service, but a low amount of retirement payment due to low salaries and wages.

According to the official, women with more than a 30 year-record of service and men whose record of service exceeds 35 years will receive increased retirement payments from July 1. The average pension will be at least UAH 2,000 (US$76).

This will be the next stage in the review of the amount of pensions, which will further increase automatically.