Ukraine has launched a pension reform

В Украине стартует пенсионная реформа

The average pension in Ukraine will increase by almost UAH 700 to more than 2.5 thousand UAH

Reform will allow to increase pensions to nine million Ukrainians.

The law on increase of pensions, the launching of the so-called pension reform, came into effect on Wednesday, October 11 after corresponding publication yesterday in the official newspaper of the Parliament’s Voice of Ukraine.

According to the law, the provisions about pension increases apply from 1 October this year. As stated by Prime Minister Vladimir Groisman, until October 25, the Ukrainian pensioners will receive the recalculated retirement.

According to President Petro Poroshenko, reform will allow to increase pensions to 9 million Ukrainians.

Recall, 3 October, Parliament adopted a pension reform, which envisages the modernization of pensions since October, and raising the minimum insurance period for retirement from 15 to 25 years from 1 January 2018. Three days later, President Petro Poroshenko has signed this law.