In Ukraine, in 2023, in order to retire at 60, a person must have an insurance record of at least 30 years. But if desired, every Ukrainian can postpone his well-deserved rest and, thus, slightly increase his pension.. The Pension Fund of Ukraine (PFU) told how much you can increase the amount of pension payments if you retire later.
The Pension Fund noted that the legislation of Ukraine on pension provision contains norms that encourage Ukrainians to retire later.
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If a person has received the right to an old-age pension, but decided to work and receive a pension later, the old-age pension is assigned taking into account the length of service acquired on the day of applying for a pension.
So, the PFC explained how the main pension will increase upon appointment with a delay:.
by 0.5% - for each full month of insurance experience, starting from the month following the month of reaching retirement age, in case of postponing retirement for up to 60 months;
by 0.75% - for each full month of insurance experience, starting from the month following the month of reaching retirement age, with a delay in retirement for a period of more than 60 months.
If a person postpones retirement for a period of less than 60 months, then for each year of such a delay, he will receive an increase in pension in the amount of 6% (0.5 * 12). For two years later retirement - 12% (0.5 * 24).
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But a delay of 6 years (that's 72 months) will already increase the basic pension by 54% (72 * 0.75).
Ukrainians who wish to retire later must be sure to inform the Pension Fund.
If a person did not report such a desire, and the Register of Insured Persons contains information about his entire insurance period (digitized paper work book), the pension will be assigned automatically from the day after the day the retirement age is reached.
If a person continues to work and does not apply for a pension, and his paper work book has not been digitized, it is considered that the person has expressed a desire to retire later.
Previously, we wrote how Ukrainians can confirm the length of service if the company is liquidated.