"Up to 70, maybe even 90," demographer predicts change in retirement age in Ukraine

The actual retirement age in Ukraine will increase - Ukrainians will work longer due to demographic changes and requirements for insurance experience. This was stated by the director of the Institute of Demography and Social Research Ella Libanova in an interview with the Center for Economic Strategy.

According to the demographer, the process of increasing the terms of employment has already started and it is impossible to stop it.

"Absolutely everything is going to the point that people will work longer. I don't know, up to 70, maybe up to 90 - we'll see," she noted.

Why is this happening?

The main reason is the aging of the population. In Ukraine, the number of working-age people is decreasing and the number of pensioners is increasing, which creates pressure on the budget and the pension system. At the same time, the modern economy depends less and less on physical strength and more and more on knowledge and analytical skills, so older workers remain in demand.

Similar processes are taking place in European countries, where the so-called "silver economy" is actively developing - attracting older people to the labor market. EU countries are already stimulating employment after 60 years of age and adapting pension systems. Ukraine is moving in the same direction.

What does a demographer advise?

Libanova advises Ukrainians to plan a longer period of work, invest in education and officially register employment. The main risk, according to her, is not long-term work itself, but the lack of the necessary insurance experience to receive a pension. The state does not plan to change the formal retirement age.

Earlier, the Pension Fund told how much experience is needed at 60 years to retire.