PM Groysman: Process of raising pensions will begin tomorrow

PM Groysman: Process of raising pensions will begin tomorrow

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Ukrinform
The law on pension reform in Ukraine will come into force tomorrow, October 11, and the process of raising pensions will begin.

Prime Minister Volodymyr Groysman stated this in a video message posted on the Government´s page on Facebook.

"Today, the law on a new pension system has been published, it will come into force tomorrow, which means that we are starting to implement this law and we are starting the process of raising pensions from tomorrow," Groysman said.

As Ukrinform earlier reported, on October 3, the Verkhovna Rada approved the bill on pension reform, which envisages the recalculation of pensions from October 2017 and an increase in the minimum insurance period for retirement from 15 to 25 years from January 1, 2018.

The recalculation of previously assigned pensions from October 1 will be carried out using a single average salary figure for the last three years (2014-2016) in the amount of UAH 3,764.4.

For the transitional period in 2017-2019, the following rules of assignment of pensions will be applied: in 2017 - the use of the average salary for 2014-2016 in the amount of UAH 3,764.4 and the ratio of one year of service at 1.35%; in 2018 -the use of the average salary for 2016-2018 and the value of one year of service at 1%.

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