A significant increase in the minimum wage in Ukraine may affect macroeconomic indicators and inflation in general, according to the National Bank of Ukraine (NBU), Deputy NBU Governor Dmytro Sologub has said.
“If there is an increase in the minimum wage and it is significant enough, it will affect macroeconomic indicators, budget indicators, inflation and unemployment,” Sologub said.
He also noted that inflation would remain in the target range if the minimum wage were not raised.
The minimum wage in Ukraine is to be increased to UAH 5,000 from September, to UAH 6,000 from January 1, 2021 and to UAH 6,500 from July 1, 2021. (Ukrinform/Business World Magazine)