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Saturday, March 2, 2024

Less than a month of work may not be counted towards the insurance period: the Pension Fund explained the nuances

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The PFU, where they previously told how to renew an agreement on voluntary payment of contributions, explained that in order to calculate the amount of a pension, the insurance period includes periods for which monthly contributions were paid in an amount not less than the minimum insurance contribution.

“If the amount of the insurance premium paid was less than the minimum, the length of service has decreased accordingly, and it may not be enough to calculate the pension. Incomplete payment of the insurance premium is possible in cases where a person worked part-time, or was not hired on the first day of the calendar month, or was fired not on the last day of the month, etc.” – noted in the Pension Fund.

If a future pensioner has incomplete months of insurance experience, then the law provides for the possibility for a person to make an additional payment to the minimum insurance premium to enroll them as full months.

In 2024, the minimum insurance premium is UAH 1,562 – this is 22% of the minimum wage – UAH 7,100.

Let us remind you that Ukrainians who have at least 31 years of insurance experience at the age of 60 can retire this year; at 63 years old – at least 21 years old; at 65 years old – from 15 to 21 years.


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Author: Irina GAL, “FACTS”

Source: Fakty

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