The Ukrainian government updates this year’s spending adding 18.5 billion hryvnas to cover state pension and other retirement benefits.
‘Income and spending of State Pension Fund will grow from 498,3 to 516,8 billion hryvnas Own revenues of Pension Fund will increase from 328 to 341,2 billion while its budget spending will grow from 167,3 to 172,7 billion hryvnas,’ said the government in the expanatory note for the latest budget update.
State pension fund plans to secure additional 12,5 billion hryvnas in revenues while the rest of the money will come from the government.
Military retirees benefits alone will cost the state budget extra 5.3 billion hryvnas.
The pressure on the state purse has grown due to the latest welfare and pension increases.
The minimum state pension will grow to 2,600 hryvnas, said Ukrainian PM Denys Shmygal in a government meeting Wednesday. The increase comes after the government updated the minimum monthly wage setting at 6,500 hryvnas.