How fast is Ukraine's pensions growth?

Author : Olexiy Doroshenko

Source : 112 Ukraine

1,3 million Ukrainians receive 92 USD as a monthly pension
10:26, 6 August 2019

112 Agency

Experts from the National Council for Economic Development, as usual, analyzed how average pension has grown for different categories of people.

The undisputed growth leader, as before, is the lifelong maintenance of judges. Over the year, pension for this category grew by 78%. The largest category of retired people, namely by age, received an average of 16.7% higher.

And, traditionally, the last place belongs to the category of social pensions, where the growth is by 7.9%.

The lifelong maintenance of judges for the year increased by 78.1%. On July 1, 2018, the average amount of payments amounted to 963 USD, then at the beginning of July this year, it was already 1618 USD. 3,315 people allover Ukraine belong to this category.

Related: Yushchenko: “Vodka Maidan”, “Bread Maidan”, “Pension Maidan”, but not political one possible in Russia

Pensions for people with disabilities rose by 22.7%. As of July last year, their average size was 75 USD, and as of July 1, 2019 – 92 USD. 1 370 016 people belong to this category.

520,144 people receive a survivors' pension. The sum of this social benefit increased by 19.3%. A year ago, people of this category received 87 USD, and now they get 104 USD.

Most people receive an old-age pension, and there are 8,595,766 of them. The state has increased its payments by 16.7%. Those who received at the beginning of the second half of last year 100 USD now receive 110 USD.

Military pensions have increased by 14.8% over the past 12 months. Their size as of July 1, 2019, was 188 USD. Last year, retired soldiers or members of their families received 165 USD. 553,717 people in Ukraine belong to this category.

Related: Pensions growth in Ukraine: Key trend of recent years

Pensions for seniority as of July last year amounted to 94 USD, in July of this year rose to 108 USD, or by  14.6%. There are 225,776 such pensioners in the country.

Social pensions are the lowest among Ukrainian pensions and close the conditional rating of pensions. 81 178 people get this kind of social benefit. They grew by 4,5 USD, or by 7.9%. If a year ago they amounted to 57 USD, then in July 2019 – 61,5 USD.

In general, the average pension over the year increased by 17.3%, from 100 USD as of July 1, 2018, to 117 USD as of July 1, 2019. The total number of pensioners at the end of June amounted to 11 349 912 people, and at the end of June last year there were 11,441,387 of them.

In general, the average pension increased from 103 USD (on January 1) to 117 USD (on July 1). At the same time, the size of the lifelong maintenance of judges for six months increased by 57.8%, disability pensions - by 20.4%, survivors’ pensions - by 18%, old-age pensions - by 13.6%, for long service - by 11.9%, social - by 4.7%, and military personnel - only by 3.1%.

Related: New attempt of government to move away from distribution mechanism to cumulative pension system

One of the first tasks of the new government is to solve the issues of the Pension Fund and the pension system, since Pension Fund pumps out more than 6,2 billion USD from the state budget this year, despite the fact that tax revenues to the state budget are reduced.

On the other hand, an increase in the size of pensions pushed up consumer demand in the country. Reform of this system began and almost immediately ended. Therefore, Volodymyr Zelensky and his young team need to be courageous and take action.

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