The Ministry of Social Policy is considering indexation of pensions: Increase in 2024 is questionable

The Ministry of Social Policy plans to increase pensions in 2024 through indexation, but the decision will depend on the economic and financial situation in the country in the coming months. This was announced by Minister of Social Policy Oksana Zholnovych in a joint interview with Ukrinform.

The minister emphasized that pension indexation is a legal requirement, but it can be postponed during martial law. However, indexation has already been carried out this year. As for next year, she said: "We will also try to implement it, but it is difficult to predict what challenges we will face in early spring after another difficult winter. So now we are planning, and the further decision will depend on the real situation."

After the special bill No. 4668 was passed by the Verkhovna Rada on February 15, 2022, a full-scale invasion of Ukraine took place. This bill amended pension legislation to improve it. The next day, Prime Minister Denys Shmyhal announced that starting March 1, pensions for more than 10 million citizens would be indexed by 14%, and additional payments would be made to citizens aged 75 and older.

It is important to note that in 2023, pensions were increased by 20% due to the indexation carried out in March. Also, starting July 1, pensions were automatically increased by 19.7% for officials, MPs and academics, and this was made possible without pensioners having to apply.

The Ministry of Social Affairs emphasizes that they continue to monitor the situation in the country and the economy, and the decision on further indexation of pensions will be made based on an analysis of real conditions and opportunities.