Save for retirement and work into old age: Ukraine’s ministry of social policy gives advice to future Ukrainian pensioners

State pensions in Ukraine will serve as a “minimal guarantee,” with high pensions available only to those who save for them independently.

This was announced by Deputy Minister of Social Policy Darya Marchak.

“Solidarity pensions will exist as a state guarantee. But typically, in European countries, solidarity pensions are a minimal guarantee. If a person wants a high pension, they need to save for it throughout their life,” said the Deputy Minister.

She indicated that something similar should be implemented in Ukraine due to low birth rates and poor demographics, where one taxpayer supports one pensioner.

“Therefore, the first step is to save for oneself, even before a mandatory accumulative system is established, by accumulating in one’s account,” Marchak advised citizens.

Her second recommendation is “active longevity,” where “we must be interested in and capable of working as long as possible.”

“We must prepare for the fact that each of us earns a living and remains economically and socially active for as long as possible, retiring only when we physically cannot support ourselves,” Marchak added.