What pension will a Ukrainian receive with a salary of 20,000 hryvnias? Here's how to calculate the benefits.

Ukrainians have the ability to determine the future amount of their pension. This is done using a unified formula that takes into account several key factors, including work experience, average salary, and an individual earnings coefficient. More details on this can be found here on "24 Kanal".

The pension in Ukraine is calculated using the following formula:

Pension amount = average salary in the country for the three years prior to retirement × individual earnings coefficient × insurance experience coefficient.

Currently, the average salary in Ukraine is approximately 15,000 hryvnias, while by 2025 it could increase to 18,000-20,000. If a person's salary is 20,000 hryvnias, the individual earnings coefficient will range between 1 and 1.1 in 2025, as the salary equals or exceeds the projected national average.

On the other hand, the insurance experience coefficient depends on the length of work experience, adding 1% for each year. Specifically, for 35 years of experience, the coefficient will be around 0.35, and for 40 years — 0.4.

Thus, if a Ukrainian with 35 years of experience earns 20,000 hryvnias while the national average is 18,000, then:

• calculation of the individual earnings coefficient — 1.11;
• experience coefficient — 0.35;
• pension amount — 18,000 × 1.11 × 0.35 = 6,993 hryvnias.

It should be noted that the Pension Fund of Ukraine reported that some pensioners may receive payments of up to 50% or more of their previous salary. Specifically, these are monthly lifetime payments received by judges of local, appellate courts, and the Supreme Court.

Previously, it was reported that certain Ukrainians can retire at a preferential age. Meanwhile, those who have reached retirement age but lack the necessary work experience may apply for a social pension.