Ukraine’s Social Policy Minister Nikolai Shambir announced the size of maximum and minimum pensions in the country.
“Since 2011, there are no pensions that would be assigned in the amount of more than 10,740 hryvnia,” Ukrinform quoted the minister as saying.
“There are pensions that were assigned before, they are somewhat larger,” Shambir added. He was asked about high pensions for judges. “Judges receive monthly lifetime cash allowance, but this is not a pension,” the minister replied.
The average pension in Ukraine as of January 1, 2017 amounts to 1,828 UAH, which is about 72 US dollars. The minimum pension equals 1,247 UAH or 49 dollars.
Ukraine currently works on a pension reform: this is a key requirement of the IMF that Ukraine has to meet to receive the next tranche. The deficit of the Pension Fund of the country reached 140 billion hryvnia (5.4 billion dollars) and threatens the stability of the financial system of Ukraine. To reduce the burden in this sector, the government was recommended to raise the retirement age.
To retire at 60 years old, a Ukrainian citizen should have 35 years of pensionable service. The initiative has already caused sharp criticism in Ukraine.
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