According to pension legislation, citizens have the right to retire this year at the age of 60, having at least 32 years of insurance experience. Those who do not have enough experience will be forced to work longer – until 63 and 65. At the same time, pensioners with “excess” experience will receive slightly increased pension payments.
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As explained by the Ukoaina Pension Fund, for each full year of additional insurance experience, the old-age pension increases by 1% of its base amount.
Overtime experience depends on when the person took their well-deserved rest:
- If the pension is granted before October 2011, overtime is calculated over 25 years for men and over 20 years for women.
- if the pension was granted after October 2011 – over 35 years for men and over 30 years for women.
Supplements for people from these categories cannot exceed 1% of the subsistence minimum. This year it is 2361 UAH. So, for each “extra” year, a pensioner will be paid 23.61 UAH.
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Read also: Working pensioners can receive an increased pension: what is known
Please note that a person's overtime experience cannot be limited.
For pensioners who continue to work, the calculation is slightly different. Their supplement is calculated taking into account the subsistence minimum that was in effect at the time the pension was assigned. And only after the working pensioner leaves work, the amount of the supplement can be recalculated taking into account the current data.
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We would like to add that from January 1, 2025, the minimum insurance period for retirement by age is:
- at 60 years old – 32 years of experience;
- at 63 years old – 22 years of experience;
- at 65 years old – 15 years of experience.
Read about several ways in which pensioners can increase their payments on our website.
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