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Mandatory employer pension contributions will be introduced on January 1

The UAPF press service reminded that starting January 1, 2024, the current defined contribution pension system will be supplemented with a new conditional funded component - mandatory employer pension contributions (MEPC).
Mandatory employer pension contributions will be introduced on January 1

MEPC will be transferred at the expense of employer’s own funds. The amount of contributions will depend on employees’ income.

- from January 1, 2024 –1.5%;

- from January 1, 2025 –2.5%;

- from January 1, 2026 – 3.5%;

- from January 1, 2027 – 4.5%;

- from January 1, 2028 – 5%.

The employee’s monthly income taken for calculating MEPC cannot be less than the minimum wage.

Tax agents that choose to pay MEPC as part of a single payment will transfer:

- from January 1, 2024 – 7%;

- from January 1, 2025 – 10.5%;

- from January 1, 2026 – 14.1%;

- from January 1, 2027 – 17.4%;

- from January 1, 2028 – 19%.

Photos are from open sources.

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