Increasing minimal pension insurance record to 25 years starts from 2018
Ukraine's Social Policy Minister Andriy Reva has said increasing the minimal length of pensionable service to 25 years will begin from 2018.
"The switch to the start of increasing the minimal length of pensionable service will begin from 2018 to 2020... the government reviewed this together with other interested parties and the following decision was taken… that the start of increasing the minimal insurance record will proceed as per the government draft law, from January 1, 2018," Reva said during a briefing after a meeting of the Cabinet of Ministers of Ukraine on Wednesday.
Those individuals who have over 15 years of employment record but less than 25 years will receive for three years a new type of specific state social assistance – temporary state social assistance to working citizens, who have reached pension age, but who do not have the right to collect a pension.
The assistance will correspond with the minimum living wage and will be paid until the individuals are eligible to receive their pensions.
Reva said that from January 1, 2018 the coefficient of the minimal pension insurance record in assigning new pensions will be one.
In addition, the minister said government took into account the recommendation of the National Reforms Council and established in a draft law the maximum payment sum, from which the single social contribution amounting to 15 minimum wages is paid.
As earlier reported, the National Reform Council on June 16 recommended to the Cabinet to delay deadlines for increasing the minimal pension insurance record from 15 to 25 years from January 1, 2018 to January 1, 2020.