Rising cost of living in July: how will it affect pensions and benefits for Ukrainians

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From 1 July of the current year, the living wage (PM) will be revised in Ukraine.

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

What awaits retirees from July 1.
In July, a further increase in the cost of living arrives. Photo: vesti-ua.net.

“The servants of the people” have constantly announced a double increase in PM, but in fact, the Ukrainians will only get rich in one month by 71 hryvnia.

As part of the MP increase, pensions for Ukrainians will also increase. They will be promoted among the poorest and the richest.

How will this increase happen? All retirees are entitled to a pension of one to ten times the minimum living wage. Today it is from 1,638 to 16,380 hryvnia, and from July 1 it will be from 1,712 to 17,120 hryvnia. In other words, after changing the PM, the amounts of minimum and maximum pensions and allowances for excess of service will be increased.

For each year beyond the legal duration of service (for women 30 and for men – 35), a premium of 1% of the MP will be invoiced. For example, if a person has 10 years of excess service, this allowance will amount to 171.2 hryvnia after recalculation. In general, such an increase will affect 6.8 million Ukrainian pensioners.

Earlier it was reported about the planned minimum pension of 4,200 hryvnia.

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