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29 Feb. 2024

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Pension indexation, subsidy accrual and tariff increases: what will change in Ukraine from March 1

Finance
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Pension indexation, subsidy accrual and tariff increases: what will change in Ukraine from March 1

A number of important changes and events are planned for March. In particular, pensions are expected to be re-indexed and payments to certain categories of IDPs will be canceled. Find out more about the changes in Ukraine starting March 1 and who they will affect

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In March 2024, changes in the social sphere will continue in Ukraine. In particular, indexation of pensions will be carried out, and the Cabinet of Ministers plans to consider the issue of increasing the cost of housing and communal services and review the procedure for calculating subsidies.

What will change for Ukrainians from March 1? Let's talk further.


Will there be an increase in housing and communal services tariffs?


The moratorium on housing and communal services tariff increases for the period of martial law in Ukraine is set only for certain services. At the same time, part of the tariffs may increase soon.

During the period of martial law and for another 6 months after its cancellation, it is forbidden to increase the cost of hot water, central heating and gas. The moratorium does not apply to cold water and electricity supply services, so their cost is not fixed.


Will there be an increase in housing and communal services tariffs in March 2024?


● Electricity – the price of light during the war has already increased by 70% and is 2.64 UAH/kWh. A further increase in its price for the population was not considered, so the current tariff will be valid at least until the end of April 2024 - until the end of the heating season.

● Cold water - during the war, the cost of cold water supply services was already tried to increase several times. In general, they planned to increase the tariff by at least 30%. For example, instead of the current tariff of UAH 30.38/cubic meter for Kyiv, a new tariff of UAH 40.77/cubic meter was offered. The reason was the increase in the price of electricity, but due to criticism, the decision was canceled. Perhaps in March, the country's leadership will return to consideration of this issue.


Who can get the right to subsidies already in the spring of 2024?


In March, subsidies will continue to be paid out for the period of the heating season - from October 2023 to April 2024. Currently, families who spend more than 15% of their monthly income on paying for communal services have the right to receive compensation from the state for the payment of communal services.

Another condition is the absence of debt for communal services. Currently, the subsidy is assigned if the farm does not have arrears for utility bills or if the arrears overdue for more than 3 months do not exceed 40 tax-free minimum incomes, i.e. 680 hryvnias for all services together.

  However, the Cabinet of Ministers plans to adopt a resolution that will allow subsidies to be assigned if the amount owed does not exceed UAH 680 for one utility service.




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Indexation of pensions. Who can expect an increase in payments in March 2024?


From March 1, the annual pension indexation will take place in Ukraine. It is planned that the amount of payments will increase by 8%, which will amount to about 322 hryvnias. After recalculation, the average pension amount will be UAH 5,717.

In general, for 2024, payments will increase by 1,0796 hryvnias - this amount will take into account inflation and the level of growth of the average salary in 2023.

The indexation process will affect pensioners of the following categories:

- Pensioners who do not work.

- Recipients of disability pensions: among military servicemen and those Ukrainians whose disability occurred as a result of work-related injury or occupational disease.

- Recipients of a pension for special services to Ukraine.

- Pensioners of law enforcement agencies.

- "Chernobyl people" with disabilities.

- Civil servants, employees of local self-government bodies, deputies.

- Scientists.

Automatic indexation of pensions for working pensioners will be carried out from April 1, 2024.


How will the minimum pension increase in March 2024?


Based on the growth of the subsistence minimum in March 2024, the amount of the minimum pension will also increase. The recalculation of pensions taking into account the new amount of the subsistence minimum will take place together with the annual indexation.

From the beginning of 2024, the amount of the subsistence minimum for people unable to work is 2,361 hryvnias. That is why in March 2024 we should expect the following payments to increase:

- The minimum pension for persons with short experience will increase from UAH 2,520 to UAH 2,725.

- The maximum pension will increase from UAH 20,930 to UAH 23,610.

- Supplement for overtime experience for non-working pensioners will amount to UAH 23.6 for each additional year.

An increase in individual allowances and pension supplements is also planned.


Taking into account the above-mentioned additional payments, the amount of the minimum pension from March 1, 2024 will be:

● Pensioners with full insurance experience (30 years for women and 35 years for men):

1. Unemployed pensioners under the age of 65 - the pension cannot be lower than UAH 3,370.

2. Pensioners up to 70 years old - not less than UAH 2,980.

3. Pensioners between the ages of 70 and 80 – the pension cannot be lower than UAH 3,240.


● Pensioners with less than 30/35 years of experience:

The amount of the pension is calculated in an amount proportional to the acquired insurance experience, based on the amount of the minimum payment of UAH 3,240.


● Pensioners with 20 years of experience for women and 25 years for men:

1. From 75 to 80 years old - the pension cannot be lower than UAH 3,240.

2. Pensioners over the age of 80 – the pension cannot be lower than UAH 3,370.


We will remind you that we talked about the changes that took place in Ukraine in February here. Also, in 2024, payments for IDPs were extended in Ukraine, but not for all, see the link for details.

Want to know more? Read the latest news and useful materials about Ukraine and the world in the News section.




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