In Ukraine, officials have realized the injustice of the existing pension calculation formula and are trying to create a new one, but until that happens, future payments will be calculated in the old way. And the main role in this will be played by the existing rules, coefficients, and formulas.
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Thus, according to the Pension Fund of Ukraine, the accrual of a pension depends on several factors that are taken into account in the formula for determining the future payment. In particular, these include the average salary in the country over the past 3 years, the amount of salary received by the future pensioner, and the insurance period during which the future pensioner paid contributions to the PFU.
Let's assume that you can document that you have 20 years of insurance experience, in which case you will be able to take a well-deserved rest only at 63 or 65 years of age (at 63 years of age, you need at least 22 years of experience, and at 60 – 32 years).
Let's say you retire with 20 years of experience, after which the PFU will calculate your pension based on the formula:
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- average pension in Ukraine for 3 years x ratio of your pension to the average x number of years of insurance experience expressed as a coefficient of one.
Currently, the average salary is about 15,000 hryvnias. Let's say you received 15,000 hryvnias and have 20 years of experience, in which case your pension will be:
- 15,000×1 (since your salary is the average in the country) x 0.2 (20 years of experience) = 3,000 hryvnias.
If your salary is higher or lower than the national average of 15,000, then your pension will be higher or lower than 3,000 hryvnias. For, say, 18 and 12 thousand hryvnias, this figure will be 3,600 and 2,400 hryvnias, respectively.
Meanwhile, the Minister of Social Policy of Ukraine, Denys Ulyutin, stated that the department is looking for a mechanism for preserving and investing pension savings to implement a funded pension system.
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