The increase in wages was also affected by the increase in the minimum wage.
Due to the mismatch between supply and demand, a significant < strong>increase in wages.
This is spoken in the Inflation Report of the National Bank of Ukraine (April 2024).
It is noted that competition will force employers to raise wages. Real wages (taking into account inflation) of Ukrainians will exceed the pre-war level in 2025.
At the same time, pressure to increase wages remained, both from job applicants and from employers to raise wages.
“Salaries increased at a high rate, as evidenced by both indirect indicators of assessing the income of the population and the increase in salaries in vacancies and resumes on job search sites,” the document says.
The NBU report noted that the increase in wages as a result of increased competition for workers, especially highly qualified ones, is confirmed by the plans of enterprises.
In addition to the personnel shortage, the increase in wages was also affected by the increase in the minimum wage (by 6% since January and almost by 13% from April 2024).
“Difficulties in finding qualified workers by employers in the context of a revival of economic activity will determine a further increase in wages in the private sector. Therefore, already in 2025, real wages in the economy will exceed their pre-war level and will increase in the future, in particular due to increased competition for labor with foreign“. – noted the NBU.
In the future, consumer demand will be fueled by increased employment and the return of migrants to the country.
NBU forecast
In The NBU noted that the average nominal salary in Ukraine last year increased by 17.4%, and the real one (taking into account inflation) by 3.7%.
At the same time, an increase in nominal wages is projected this year by 14.8%, real – by 8.1%.
“In 2025, nominal wages will increase by 14.2%, real – by 6.5%, in 2026 nominal wages will grow by 8.6%, the real one – by 3.0%”, – indicated in the message.
We recall that in the budget for 2024 the government provided thatUkrainian workers on average will receive 21,809 UAH.
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