REUTERS
The recalculation of pensions will be based on a 1.11 multiplier applicable to the average wages in Ukraine after insurance payments.
The Pension Fund of Ukraine (PFU) has said pensions in the country will be indexed to inflation from May 1, 2020, and the indexation rate will be 11%.
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"Ukraine's Cabinet of Ministers on April 1, 2020, adopted Resolution No. 251 to increase pension payments and provide social support to certain categories of the population in 2020, which regulates the indexing of pensions this year. The resolution determines the date for indexation, that is May 1," the PFU's press service said on April 9.
The recalculation of pensions will be based on a 1.11 multiplier applicable to the average wages in Ukraine after insurance payments.
If the amount of the increase in pensions is less than UAH 100 (US$3.68), an additional payment will be provided to reach the specified amount.
"Payments of recalculated pensions will start from May 2020 in the prescribed manner through authorized banks or Ukrposhta whose workers will deliver the money to pensioners' home," the PFU said.