The Pension Fund of Ukraine has raised pension payments for Ukrainians for the year 2024.

In the budget of the Pension Fund of Ukraine for 2024, 856.1 billion hryvnias were received from all funding sources. This is 79.0 billion hryvnias more than in 2023.

This information was reported by RBK-Ukraine citing data from PFU.

According to preliminary data, expenditures on pensions and other planned payments amounted to 821.5 billion hryvnias, which is 75.2 billion hryvnias more than in 2023.

Specifically, the PFU allocated 736.4 billion hryvnias for pension payments in 2024. This represents an increase of 9.6% (64.4 billion hryvnias) compared to 2023.

Expenditures from the state budget of Ukraine for benefits and housing subsidies to citizens totaled 39.4 billion hryvnias, which is 11.8% (4.2 billion hryvnias) higher than in 2023.

Pensions in 2024

Recall that according to the latest data from the PFU, in November 2024, the total number of pensioners in Ukraine was 10.353 million people. This is 164 thousand fewer than at the beginning of the year.

The average pension amount as of October 1, 2024 was 5,852 hryvnias. The average pension has increased by 4,671 hryvnias or 8.7% since the beginning of the year.

Consumer price growth for 2024 is expected to exceed 10%. This will lead to a decline in the real income of pensioners.

Pensions in 2025

The Pension Fund of Ukraine has started funding pensions for January 2025.

As of January 1, there will be no increase in pensions, as social expenditures in the state budget for 2025 are frozen. This applies to both the minimum pension and the minimum wage, which affect the pensions of certain categories.

An increase in pensions is expected from March 1, when a planned indexation will take place. The pension is indexed at a coefficient that considers 50% of the average salary growth over the past three years and 50% of inflation from the previous year.