According to “inflation report” of the National Bank of Ukraine (April 2024), a significant increase in wages in Ukraine is expected in the coming years.
This is due to a number of factors, including:
- Due to the war and the departure of millions of people abroad, there is a shortage of qualified personnel in Ukraine. This forces employers to compete for workers by offering them higher wages.
- In 2024, the minimum wage in Ukraine increased by 20% (from UAH 6,800 to UAH 8,000). It also stimulates the general growth of wages in the country.
- Economic growth after the war leads to an increase in the demand for labor, which also leads to an increase in wages.
The NBU noted that the average nominal salary in Ukraine last year increased by 17.4%, and the real (inflation-adjusted) by 3.7%.
At the same time, nominal wages are expected to grow by 14.8% this year, and real wages by 8.1%.
“In 2025, the nominal salary will increase by 14.2%, real – by 6.5%, in 2026, the nominal salary will increase by 8.6%, real – by 3.0%“, the message states.
It is expected that as early as 2025, real wages in Ukraine will exceed their pre-war level in 2021.
