Ukrainians will be compensated for delayed retirement: is it advisable to work after 60 years of age?

Increasingly, Ukrainians who have reached retirement age are choosing not to rush to apply for their pension benefits and instead continue to work. This strategy is justified, as the state offers financial incentives for those who decide to postpone retirement. The Pension Fund of Ukraine emphasizes this.

A person who is entitled to a pension is allowed to postpone its application voluntarily. In this case, if a person later applies to the Pension Fund, his retirement will be significantly higher due to the additional insurance experience accumulated after reaching 60 years.

What benefits await those who decide to postpone retirement:

If retirement is delayed for up to 5 years, the basic pension increases by 0.5% for each whole month after reaching retirement age;

If the delay exceeds 5 years, the increase will be 0.75% for each month.
For example, if a Ukrainian citizen postpones retirement for a year, their pension will increase by 6%, and in the case of a delay of 6 years, by 54%.

For individuals who wish to remain active after the age of 60, postponing retirement can be a beneficial choice. The pension supplement is substantial and stays with a person for the rest of their life. To exercise this right, you need to contact the Pension Fund and declare your intention to postpone the issuance of a pension.

Earlier in the news, it was reported that Ukrainian women could receive pension experience for previously unworked periods – for this, it is necessary to submit certain documents. It was also announced how much you need to earn to live comfortably on a pension that exceeds the minimum. Additionally, the issue of having to work until old age due to inadequate financial support from the state was discussed.