The Ministry of Social Policy is preparing a new formula for calculating pensions: who will receive more.

The Ukrainian government plans to change the formula for calculating one type of social financial assistance - pension payments to citizens. Currently, the number of Ukrainians is receiving meager amounts due to the current formula.

The head of the Verkhovna Rada Committee on Finance, Tax and Customs Policy, Danilo Hetmantsev, stated in an interview that many Ukrainians who worked without an employment record book are currently receiving minimum pensions. The pension calculation system needs a review, as it leads to injustice based on three years of service.

Who can have their pensions recalculated

According to Hetmantsev, the Ministry of Social Policy is already working on a new formula for calculating pensions, which is important for reforming the solidarity system. This could lead to a review of pension provision in the near future.

What is the solidarity pension system

The solidarity system is a model where contributions from working Ukrainians are used for pension payments. The principle of solidarity between generations allows for pension funding through the collective efforts of working people.

What else Ukrainians should know

Ukrainians with insufficient employment history can continue working or buy additional service in the Pension Fund after 2004. There is also the possibility of counting triple insurance years for deported citizens who have the relevant documents.

As a result of the considered changes, the government of Ukraine plans to improve the pension system and ensure a fairer distribution of pension payments among citizens, as required. The new pension calculations may impact the lives of thousands of Ukrainians and enhance their social conditions.