The Increases of Pension Benefits

Thursday, July 1, 2021
The Increases of Pension Benefits

From the 1st of July 2021, the increase in pensions will affect more than 5 million retirees

Due to the increase in the subsistence level for persons who have lost their ability to work, from $64,56 to $67,66 the following is increased: 

  • minimum pension from $64,56 to $67.66;
  • allowances to pensions for overtime insurance, promotion, the monthly state targeted assistance to pensions for participants and invalids of war, pensions for special merits.

Also, from 1 July 2021, an increase of $3.65 will be set to the insurance pension granted in 2019-2020, which has not been recalculated since 2019.

From 1 October 2021, in accordance with the government resolution of 22 February 2021 On additional measures of social protection of pensioners in 2021 a monthly supplement to the pension of up to $14.60 will be established for pensioners aged 75-80.

At the same time, the minimum pension payment for them is set at $91.23 if they have 20/25 years of insurance experience or more. 

The increase in pensions from 1 October will affect almost 1 million retirees.

From 1 December 2021, due to the increase in the minimum wage, the minimum old-age pension for pensioners over the age of 65 will be increased if they have 30/35 years of insurance experience from $87,58 to $94.88 (40% of the increased minimum wage). 

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