Decline in Ukraine’s Average Salary: What It Means for Citizens and Pensioners
According to the latest data from the Pension Fund of Ukraine (PFU), the average salary on which insurance contributions are based for July this year amounted to 20,455 hryvnias and 65 kopecks.
This figure is 1,881 hryvnias and 16 kopecks less than the previous month, indicating a significant decline in income levels among Ukrainian workers.
Compared to June, when the indicator was 22,336 hryvnias and 81 kopecks, there was a notable drop.
However, it is noteworthy that, compared to the same period last year, the average salary has increased by over 1,795 hryvnias, reflecting some recovery after the economic crises of 2022-2023.
These data are critical for pension calculations, as they influence the amounts retirees can expect, according to Ukraine’s law on mandatory state pension insurance.
The decrease in average income might impact future pension payments, especially for those approaching retirement age.
Against the backdrop of economic challenges and inflation, state authorities urge citizens to stay attentive to income changes and manage their finances responsibly.Considering the current economic challenges, Ukrainians increasingly face questions about verifying the absence of Russian pensions and calculating pensions with limited work experience.
It is important to understand that pension levels depend not only on the length of service but also on individual circumstances and supporting documentation.
For example, with only 20 years of service, pension benefits may be minimal, and earning more years can lead to higher benefits.
Current recommendations and procedures for confirming the lack of Russian pension receipt can be found through relevant agencies.