OREANDA-NEWS. January 09, 2013. According to the Law of Ukraine "On the State Budget of Ukraine for 2013" minimum wage is 1147 UAH. This year will be another increasing of minimum wage to 1218 UAH on December 1, 2013.

It should be noted that there are social standards upgrading, wages increase and pension valorization for the last three years. As of December 2009 the minimum wage was 744 UAH so for the last three years minimum wage has grown by more than 400 UAH.

From January 1, 2013 the size of all types of pensions were increased in Ukraine. This increase is foreseen in the Law of Ukraine "On the State Budget of Ukraine for 2013". Since the beginning of the year a living wage for people who lost ability to work is 894 UAH. This, in turn, affects the reviewing a number of social benefits.

Due to changes in living wage by the Pension Fund held recalculations of components of pension benefits which are determined by the size of the living wage. These are minimum pension, supplement for overseniority, the minimum pension payment, pension valorization for war veterans, pensions for special services to the Ukraine and other bonuses and allowances.

Law of Ukraine "On the State Budget of Ukraine for 2013" states that based on monitoring the implementation of the State Budget of Ukraine for the I quarter of 2013 the Cabinet of Ministers of Ukraine will make proposals to improve social standards and their financial security.

Banks that will pay pensions and allowances in 2013 are determined by the Pension Fund on the basis of competition.