Understanding Insurance Experience and Potential Pension if You Have 45 Years of Work
In Ukraine, pension provision remains a crucial issue for many citizens, especially those with extensive work experience.
A key factor in determining the pension amount is the insurance experience — the period of officially verified employment that is considered in calculating benefits.
According to the Pension Fund, not only officially documented work periods are counted, but also military service, childcare leaves, and other legislatively supported periods.For those planning to retire in 2025, required insurance experience depends on age: at 60 years — 32 years; at 63 — 22 years; at 65 — 15 years.
To get an approximate idea of future payments, the pension calculator helps estimate the potential pension size.
For instance, with a salary of 10,000 hryvnias and 45 years of insurance experience, the pension could be about 5,107 hryvnias at 60 years old, 5,994 hryvnias at 63, and 6,586 hryvnias at 65.Earlier, specialists from the Luhansk Pension Fund explained the difference between insurance and work experience, which is important for accurate pension allocation.