The Ukrainian authorities have made a memorandum with the International Monetary Fund (IMF), where they undertook not to introduce new special pensions and privileges, and not to reduce the retirement age. According to the Agreement, any proposals for increasing pension costs should be accompanied by a medium-term analysis of budget and debt, as well as a clear definition of the necessary resources for changes to the budget of the Pension Fund of Ukraine.
The document also refers to plans to develop a conceptual basis for reforming the pension system and considering the possibility of introducing a second level of the pension scheme in the presence of appropriate conditions.
The updated Memorandum was signed by President of Ukraine Volodymyr Zelensky, Prime Minister Denis Shmigal, Finance Minister Serhiy Marchenko and Chairman of the National Bank of Ukraine Andriy Pyshny. This document contains the voluntary obligations of the country's authorities to take some steps under the IMF agreement.
Ukrainian pensioners will receive an increase in pensions against the background of the updated obligations of the authorities. To date, the average pension in Ukraine increased by 15.7% to UAH 5,350.33 for 9 months of 2023, with inflation at 3.0%. Pensions of over UAH 10,000 receive more than 1.13 million Ukrainians, which is 10.7% of the total number of pensioners in the country.
