Ukraine's Prime Minister: pensions and benefits will be paid on time, we have resources and support

Ukraine has sufficient domestic resources and support from its partners to pay pensions and benefits on time.

Source: This was stated by Prime Minister Denys Shmyhal at a government meeting on 3 January.

Quote: "This will be one of our priorities this year. We will pay pensions and benefits on time. We have domestic resources and support from our partners," Shmyhal said.

Shmyhal pointed out that the state’s fulfilment of its social obligations in 2023 was exemplary. Social payments accounted for over 12% of consolidated budget expenditure.

However, as of 1 January 2024, a number of social standards have been updated in Ukraine, including the minimum wage and the cost of living, the Prime Minister said.

Quote: "The [monthly] minimum wage has increased by 6% from UAH 6,700 ($176)  to UAH 7,100 ($186). Another increase is planned for spring. The cost of living rose by 12% on average, to UAH 2,920 ($77). The minimum pension in Ukraine increased from UAH 2,093 ($55) to UAH 2,361 ($62). We plan to index pensions from 1 March," the Prime Minister added.

Reminder:

Earlier, Yuliia Svyrydenko, First Deputy Prime Minister and Minister of Economy, told the Financial Times that Ukraine could face delays in the payment of salaries and pensions for almost 12 million people unless the West provided financial assistance in early 2024.

Shmyhal, however, said that Ukraine will reduce its need for external financing in 2024.

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