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Ukraine Increases Minimum Wage, Minimum Pension, and Living Wage in 2024

According to him, the minimum wage increased by 6% from UAH 6,700 to UAH 7,100. “Another increase is planned for the spring,” he said.

In addition, the cost of living increased by an average of 12%, to UAH 2,920.

The minimum pension in Ukraine increased from UAH 2,093 to UAH 2,361, Shmygal said and added: “The plans include indexation of pensions from March 1.”

“Last year, the state demonstrated exemplary fulfillment of social obligations. This year this will also be one of our priorities. Pensions and benefits will be paid on time,” the prime minister promised.

Minimum wage, minimum pension and living wage

The main social indicators in Ukraine are established by the Verkhovna Rada in the law on the state budget.

From January 1, 2024, the minimum wage increased from 6,700 to 7,100 hryvnia. From April 1, the minimum wage will increase to 8,000 hryvnia. This amount contributes to salaries and various payments.

In Ukraine, from January 1, 2024, the cost of living has increased – the basic state standard on the basis of which social guarantees are determined. About 150 different types of payments are tied to the cost of living.

The cost of living was increased from 2,589 hryvnia to 2,920 hryvnia, that is, by 12.8%, while inflation is expected to be 9.7%.

The cost of living for disabled persons affects the amount of pension. In essence, this is the minimum pension. This figure increased from 2093 to 2361 hryvnia.

However, the law establishes that the recalculation of pensions, bonuses, increases and other additional payments to pensions, carried out taking into account the cost of living for disabled persons established on January 1, 2024, is carried out from March 1, 2024, together with the annual indexation of pensions.

2024-01-03 10:53:38

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