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Increasing the size of the minimum wage

Increasing the size of the minimum wage

The Government, on behalf of the President, invented the resource to increase the minimum wage from September 1, 2020 and planned a schedule for such an increase.

Having worked out this issue and made the appropriate calculations, the head of government reported on the preliminary schedule, which will increase the minimum wage. Thus, from September 1 this year it will be increased to UAH 5,000, from January 1 next year – to UAH 6,000, and from July 1, 2021 – to UAH 6,500.

As a result, the amount of the single social contribution (SSC), which is paid quarterly by natural persons-entrepreneurs, will increase.

According to the size of the minimum wage, from September the SDR will be UAH 3,300. instead of UAH 3,117.18. per quarter, and from July 2021 – UAH 4,290.

Stages of increasing SRS:

  • from January 1, 2020, the SDR is UAH 1,039.06. per month (UAH 4,723 * 22%) or UAH 3,117.18. per quarter (1039.06 * 3 months);
  • from September 1, this amount will increase to UAH 1,100. per month or UAH 3,300. per quarter .;
  • from January 1, 2021 – UAH 1,320. per month or UAH 3960. per quarter;
  • from July 1, 2021 – UAH 1,430. per month or UAH 4,290. per quarter.

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