Misfortune helped: Ukrainian employers raise salaries amid staff shortages
5 July 2024 13:05
The shortage of workers in Ukraine remains a serious problem caused by the war, but the National Bank of Ukraine has seen a positive side to the situation. As it turned out, this aspect puts upward pressure on wages. This is stated in the National Bank’s macroeconomic and monetary review for July, according to "Komersant Ukrainian"
Due to the fact that companies are experiencing a shortage of labour, especially skilled workers, they are forced to offer higher wages, the NBU says.
As of May 2024, the average expected salary exceeds UAH 20,000, while the offered salary is close to this mark. Judging by the NBU’s chart, the requested and offered salaries have increased by UAH 5-6 thousand during the full-scale war.
The index of the difficulty of finding employees remains high, especially for skilled workers, and continues to grow.
Thus, the situation on the labour market, together with the increase in social benefits and low inflation, is contributing to further growth in real household income. There has been a positive trend in such indicators as the average pension, wages according to the Pension Fund of Ukraine, unified social tax revenues, and personal income tax.
The Ministry of Economy also sees positive signs: inflation in Ukraine is slowing down. However, this may be the calm before the storm.
