The shortage of personnel in the labor market continues to fuel wage growth.
By the end of 2024, real wages, taking into account inflation, in Ukraine will increase by 14% and exceed the pre-war level.
This was reported by the National Bank.
Competition for workers forces employers to raise salaries. After all, there is a shortage of personnel in the labor market.
In particular, in April-June 2024, real wages in Ukraine increased by an average of 17.6% compared to the same period last year, and nominal wages by 22.1%.
High growth rates of nominal wages continued in the third quarter. However, increased inflationary pressure led to a certain slowdown in the growth rate of real wages, although they still remained quite high.
“It is expected that by the end of this year, real wages will exceed the pre-war level and will continue to increase due to significant competition among employers for the existing workforce. This, together with soft fiscal policy, will contribute to further growth in consumer demand,” the press service clarified.
We remind you that the Verkhovna Rada adopted in the first reading the draft budget for 2025, which approved a new minimum wage. Some social payments and taxes will be linked to it.