NBU on salaries in Ukraine: why they will grow faster than inflation

Recent business surveys indicate that the labor market situation in Ukraine has slightly improved compared to last year. There is an increasing demand for candidates for vacancies, but the shortage of personnel remains relevant. Businesses are actively involving women, students, retirees, and veterans in the workforce.

It has been noted that salaries are growing more slowly than last year, by less than 5%. The National Bank of Ukraine does not expect a sudden improvement in the labor market situation in the near future due to difficulties in finding personnel caused by the military conflict, and after it ends, there will be an increased demand for labor to rebuild.

Overall, the situation remains complicated, with high competition for personnel and slow but steady salary growth. Businesses support the recruitment of various categories of workers, but further salary increases in various sectors of the economy are expected in the near future.