Politics 2023-11-15T05:58:28+02:00
Ukrainian news
Cabinet Plans To Increase Minimum Wage By 3% To UAH 6,700 In 2022

Cabinet Plans To Increase Minimum Wage By 3% To UAH 6,700 In 2022

Cabinet, Cabinet of Ministers, state budget, minimum wage, draft state budget, draft state budget 2022, minimum wage increase

The Cabinet of Ministers plans to increase the minimum wage by 3% to UAH 6,700 in 2022.

Prime Minister Denys Shmyhal said this at a press conference, commenting on the draft state budget for 2022 developed by the Cabinet of Ministers, Ukrainian News Agency reports.

"Now there will be another plus UAH 500 and next year there will also be an increase. So far, it is included in the budget as you said. In the future, we will consider raising the minimum wage," Shmyhal said, answering a journalist's question why in 2021 the increase in the minimum wage to UAH 6,500 was postponed to December, and in 2022 it is envisaged to increase it by only by UAH 200.

The Prime Minister explained that a significant increase in the minimum wage could lead to hyperinflation, as well as significantly increase the burden on businesses that transparently pay wages.

As Ukrainian News Agency earlier reported, since January, the minimum wage amounted to UAH 6,000, from December 1, 2021, according to the state budget-2021, it will increase to UAH 6,500.

According to the Ministry of Finance, taking into account the macroeconomic forecast laid down in the basis of the Budget Declaration, the minimum wage will increase from December 2021 to UAH 6,500; from October 2022 - to UAH 6,700, from January 2023 - to UAH 7,176, from January 2024 - to UAH 7,665.