10.5 Million Pensioners Will Have Pensions Increased By 19.7% From March 1

From March 1, an increase in the size of pensions by 19.7% will occur for 10.5 million pensioners.

This is stated in the message of the Ministry of Social Policy, Ukrainian News Agency reports.

"According to the resolution of the Cabinet of Ministers, which was adopted by the government, the amount of indexation of pensions from March 1, 2023 will be 19.7%. The increase in the size of pensions will occur for 10.5 million pensioners," the report said.

In particular, from March 1, pensions will be indexed for:

- 5.2 million "civil" pensioners, who are assigned a pension by law until 2020; for them, the pension increase will be carried out through indexation by 19.7% of the indicator of average wages, from which the pension is calculated;

- 4.2 million people who will have pensions increased due to an increase by 19.7% of the fixed amount of minimum pension payments.

For the first time, the minimum pension guaranteed by the state will be indexed (minimum pensions, the amount of which already contains a state surcharge to the minimum amount guaranteed by the state).

For such pensions, the growth will be from UAH 420 to UAH 520 (compared to the size of pensions set as of March 1, 2022).

For 0.5 million pensioners of law enforcement agencies, the entire pension will be indexed by 19.7%.

Pensions will also be indexed for 94,500 people who receive a disability pension due to injury or illness as a result of the Chornobyl disaster.

In addition, monthly compensation payments (assigned at the initiative of the President) for pensioners over the age of 70, which are established if the pension of such pensioners does not reach UAH 10,340, will be further paid:

- UAH 570 - people over 80 years;

- UAH 456 - people aged 75-80 years;

- UAH 300 - people aged 70-75 years.

Also, from March 1, monthly insurance payments for 166,500 victims and persons entitled to monthly insurance payments in case of death of a victim will be indexed by 19.7%.

The Ministry of Social Policy notes that from April 1, an automatic recalculation of pensions for 0.6 million working pensioners will also be carried out, taking into account the updated (increased) insurance experience.

In addition, from July 1, special pensions for 22,700 scientists, civil servants, employees of local governments will be indexed by 19.7%.

The Ministry of Social Policy notes that for any calculations, the increase in pensions will be at least UAH 100.

So, 0.5 million pension recipients who were assigned pensions in 2020-2022 will receive an increase of UAH 100.

Pensions themselves will not be indexed for them, since they already receive a pension much higher than those citizens who have the same experience, the ratio of their wages to average wages in the country, but who retired in previous years.

This is due to the fact that pensions for those who have reached retirement age, starting in 2020, are calculated from an average wage higher than in previous years.

At the same time, the government introduced temporary restrictions on the maximum amount of indexation of pensions.

The amount of pension increase based on indexation results will be limited to UAH 1,500 for all recipients of pension and insurance payments, regardless of the category.

As Ukrainian News Agency earlier reported, on February 17, Prime Minister Denys Shmyhal announced that the Cabinet of Ministers will index pensions by 20% in March.

The Verkhovna Rada has determined the date of annual indexation of pensions - March 1 from 2022.