Raising the retirement age: for whom and how to change the rules

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2021 will be a turning point in the provision of pensions in Ukraine. Many Ukrainians will not be able to retire at age 60.

This is reported by the NPF with reference to vesti-ua.net.

Raise the retirement age.
How will retirement age and seniority increase after 2021? Photo: vesti-ua.net.

From April 2021, the retirement age for women will increase from 59.5 to 60 years. Thus, the last step in the revision of the retirement age will end, after which the retirement age will be the same for men and women.

In addition to the increase in the retirement age, seniority conditions have changed in Ukraine. This suggests that there will be another large group of people who will have to work after 60 years, subject to insufficient experience.

This can be represented schematically:

Seniority required for retirement at age 60:

in 2020 – from 27 years old; in 2021 – from 28 years of age; in 2022, from the age of 29; in 2023 – from the age of 30; in 2024 – from the age of 31; in 2025 – from 32 years old; in 2026, from 33 years of age; in 2027, from the age of 34; in 2028, from 35 years of experience.

Seniority required for retirement 63 years old:

in 2020 – from 17 to 27 years old; in 2021, from 18 to 28 years old; in 2022, from 19 to 29 years old; in 2023 – from 20 to 30 years; in 2024, from 21 to 31 years old; in 2025, from 22 to 32 years old; in 2026, from 23 to 33 years old; in 2027, from 24 to 34 years old; in 2028, 25 to 35 years of service.

Duration of service required for retirement at age 65:

in 2020 – up to 17 years of age; in 2021 – up to 18 years of age; in 2022 – up to 19 years of age; in 2023 – up to 20 years; in 2024 – up to 21 years of age; in 2025 – up to 22 years; in 2026 – up to 23 years of age; in 2027 – up to 24 years of age; in 2028 – up to 25 years of experience.

Thus, there are three possible options for retirement if you have the appropriate insurance experience:

1st option – at age 60; 2nd option – at 63 years old; 3rd option – at 65 years old.

There is a fourth option: those with official insurance experience of less than 15 years will find themselves without a pension at all.

Earlier, it was reported how pensions and benefits will change after July 1, 2020.

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