Photo: Press center of the NBU Labour migration will put pressure on wages

The following year, the labour migration of Ukrainians will no longer exert such a significant pressure on wage growth.

The national Bank of Ukraine predicts a reduction of the pressure of labor migration of Ukrainians to wage growth next year. This was reported in the press center of the national Bank on Thursday, October 25.

“Unlike the last two years, next year, labour migration of Ukrainians will no longer exert such a significant pressure on wage growth”, – said the NBU.

In NBU believe that the continued outflow of labor from Ukraine at a high pace creates an increasing imbalance between supply and demand on the labour market, accompanied by wage growth and therefore – inflation together with the reduction potential of the economy.

So, wage growth in July was supported by the increase in the minimum wage, as well as intensive labor migration . The latter leads to pressure on wages upward not only due to the reduction in labour supply on the labour market, but also because of the processes of approximation (convergence) of wages in Ukraine to the salaries of neighboring countries, indicated in the report of the NBU.

In Ukraine changed the rules for foreign remittances

As reported, the volume of private money transfers to Ukraine from abroad in the second quarter of 2018 amounted to 2,819 billion. It’s 24% more than in the same period last year – 2,262 billion.

 

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