Wages are growing at a high rate due to a shortage of workers.
In addition to the fact that inflation in Ukraine continues to accelerate, namely to 11.2% y/y in November 2024 and exceeded the trajectory of the forecast published in the Inflation Report for October 2024, salaries in the country for most types of economic activity are still higher than they were before the start of a full-scale war.
This is evidenced by the new macroeconomic and monetary review of the National Bank.
According to the report, the main reason for the growth of wages in Ukraine is the shortage of personnel.
“Wages continue to grow at a high rate due to the shortage of workers. According to the State Statistical Service of Ukraine, in the third quarter of 2024, nominal wages grew by 22.3% y/y, and real wages by 14.2% y/y (according to NBU calculations according to the State Statistical Service of Ukraine),” the National Bank's review says.
Experts add that most types of economic activity have higher salaries than they were in the third quarter of 2021 (i.e. before the full-scale war). The exceptions are education and art.
Taking into account indirect indicators, salary growth was also recorded in the fourth quarter of 2024.
It should be noted that recently experts have increasingly focused on the labor shortage caused by people leaving Ukraine and mobilization.
Reasons for the labor shortage in Ukraine
The NBU, citing UN data, notes that the number of migrants outside Ukraine as of mid-December 2024 amounted to 6.8 million people. At the same time, the adaptation of Ukrainian migrants abroad is growing.
“The number of new vacancies and resumes has decreased compared to previous months primarily due to the seasonal factor. At the same time, their growth has accelerated in annual terms, which indicates a further increase in both supply and demand for labor. Despite a certain increase in labor supply, its shortage further limits the work of enterprises,” the National Bank's review says.
Recall that the minimum wage in Poland has exceeded the Ukrainian one by six times. Experts named a specific amount.
On the TSN YouTube channel, you can watch the video at this link: PENSION IN 2025: the size of the “minimum” and requirements for work experience in Ukraine