Photo from UNIAN
The automatic recalculation of pensions from March 1 will be based on two basic indicators: inflation and the average salary for the past year.
Ukrainian Social Policy Minister Andriy Reva says the average wage in Ukraine grew by nearly 25% in 2018.
Read alsoAverage monthly nominal wage on rise in Ukraine in November
"We still don't know how much the payroll had grown by the end of the year, but this is around 25% within a year," he told a Ukrainian TV channel on January 15.
The minister also recalled that the automatic recalculation of pensions from March 1 would be based on two basic indicators, namely inflation and the average salary for the last year.
"A formula-based algorithm, which takes into account two annual indicators – inflation and the average wages growth in the country – has been introduced. Half of these indicators are summed up and the overall coefficient is determined," the official said.
As UNIAN reported earlier, the minimum wage in Ukraine grew on January 1, 2019, from UAH 3,723 ($132) to UAH 4,173 ($148).
The National Bank of Ukraine expects a slowdown in the growth of wages and salaries in Ukraine, forecasting an increase in nominal wages by 16% and by 10% (or by 7% and 5% in real hryvnias) in 2019 and 2020, respectively.