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Photo: money (Vitaliy Nosach, RBK-Ukraine)
Minimum payments and taxes on wages will increase from January 1
The minimum wage in Ukraine from January 1, 2021 is 6,000 hryvnia. This is 20% higher than last year.
The corresponding norm is established in the state budget law for 2021.
Therefore, the minimum wage will increase by 1 thousand hryvnia. As of September 1, 2020, this figure was 5,000 hryvnia.
According to the law, the next minimum wage increase (up to 6500 hryvnia) is scheduled for December 1, 2021.
Tax increase
The increase in the minimum wage will mean an increase in the Unified Social Contribution, which is 22%. In particular, individual entrepreneurs from January 1 will pay 1320 hryvnia instead of 1100 hryvnia.
As a reminder, the Cabinet of Ministers postponed raising the minimum wage to 6,500 UAH from July 1 to December 1, 2021. According to Finance Minister Sergei Marchenko, the government decided to postpone the minimum wage increase to 6,500 hryvnia after consultations with international partners.
According to a survey conducted by Research & Branding Group, in November 2020, the average salary level that would meet the financial needs of Ukrainian workers was 20.3 thousand hryvnia. This is 1.7 times lower than the average salary level recorded by the State Statistics Service.
