Ukraine is facing a sharp increase in wages caused by a shortage of personnel, forcing employers to significantly increase wages. Some industries have experienced losses of up to 20% of staff.
According to a report by the National Bank of Ukraine, the average salary in the first quarter of 2024 increased by 22.5% compared to the previous year, reflecting the increasing competition for labor.
More than half of the employers surveyed by the Ministry of Economy and the International Labor Organization point to the lack of qualified workers as the main difficulty in their operations. For example, since the beginning of 2022, solvent banks have lost almost fifteen percent of their staff, but the average salary in this sector has increased significantly.
This increase in wages stimulates consumer sentiment and contributes to an increase in credit demand. Inflation remains at a low level, which allows further reduction of interest rates. A significant increase in the minimum wage at the beginning of the year and the indexation of pensions contributed to the general growth of the population's income.
There is also an increase in payments in budgetary institutions and monetary support for military personnel, which contributes to the further increase in the incomes of the population.
