Retirement age: What work experience is required to retire at 60, 63, or 65 years old?

The right to retirement pension based on age is determined by the acquired insurance period when reaching the legally mandated age of 60, 63, or 65 years. Each year, the insurance period required for retirement at age 60 increases by 12 months, and by 2028, it will amount to 35 years. This was reported by the Pension Fund of Ukraine, referencing Article 26 of the Law of Ukraine "On Mandatory State Pension Insurance." So, how is the pension calculated, and what potential pitfalls could hinder payments?

First of all, it should be noted that the insurance period required for retirement at 60 years increases by one year annually. Thus, in 2028, it will be 35 years.

According to Anna Daniel, an attorney and managing partner of the law firm "Anna Daniel," the calculation of the pension takes into account the salary earned during the period from July 1, 2000, to the month preceding the month of the pension application (based on the insured persons registry).

What Affects the Size of the Pension

The amount paid to pensioners depends on three parameters:

• duration of the insurance period;
• the ratio of their salary in each month of the insurance period considered for pension calculation to the average salary in Ukraine for each of those months;
• the average salary in the country for the last three years before applying for the pension.

The amount of the retirement pension is determined by the formula: P = Зп ⋅ Кс, where: P — the pension amount in hryvnias.

Note that "Зп" in this formula refers to the salary (income) of the insured person, calculated in accordance with Article 40 of the Law of Ukraine "On Mandatory State Pension Insurance," from which the pension is calculated in hryvnias. And "Кс" is the coefficient of the insured person's insurance period, defined in accordance with Article 25 of the Law of Ukraine "On Mandatory State Pension Insurance."

What is Insurance Period and How Can Ukrainians Retire in 2024

In Ukraine, the right to a retirement pension in 2024 is granted to several categories of citizens:

• Ukrainians who have reached 60 years of age with at least 31 years of insurance period;
• Individuals aged 63 with at least 21 years of insurance period;
• People who are 65 years old can receive a pension with an insurance period ranging from 15 to 21 years.

The amount of the retirement pension is determined by the formula: P = Зп ⋅ Кс, where: P — the pension amount in hryvnias

What is Insurance Period and What Length is Needed for Pension in 2024

Insurance period is the duration during which a person is subject to mandatory state pension insurance and for which insurance contributions have been paid monthly in an amount not less than the minimum insurance contribution.

According to Ukrainian law, the minimum contribution is 22% of the minimum wage (starting January 1, 2024, the minimum wage in Ukraine will be 7100 UAH.).

You can find out your insurance period at the Pension Fund of Ukraine. To do this, you should register on the official website of the fund or visit an office in person.

Information about your insurance period can also be found in "Privat24."

• Open the application.
• Go to the "Services" section.
• Select the "Requests to the Pension Fund" option.

Here you can send a request to the Pension Fund of Ukraine to obtain information about your insurance period. In the request form, specify your TIN (tax identification number) and confirm the submission.

After processing the request, you will receive information about your insurance period, including all periods of employment and the insurance contributions made.

How to Apply for Retirement Pension in Ukraine

To apply for a pension, you must submit a pension application and the required documents to the Pension Fund of Ukraine. This can be done via the electronic services web portal of the Pension Fund.

What Documents Are Required

To apply for a retirement pension, you need to provide the following personal documents:

• passport of a citizen of Ukraine (or ID card).
• registration number of the taxpayer's account card.
• documents confirming the insurance period (employment record book, diploma of full-time education, military ID, etc.).
• salary certificate for any 60 consecutive months prior to June 30, 2000 (if desired).
• bank account details (if the payment method is through a bank).
• a photograph for the pension certificate sized 2.5x3 cm.
• marriage certificate in case of a name change.

Attorney Anna Daniel also reminds that if the insurance period is insufficient, it can be purchased voluntarily through participation in the system of mandatory social insurance.