Yatseniuk: Enterprises now interested to raise wages by 2.5 times

Tuesday, December 30, 2014 - 17:37 (EET) Section: Latest news

Bringing wages “out of the shadows” will allow enterprises to reduce the payment of social security tax by three times.
Ukrainian Prime Minister Arseniy Yatseniuk said this at a press conference on Tuesday, an Ukrinform correspondent reported.
“If the company brings wages out of the shadows and begins to pay more than it paid in 2013, then it ceases to pay in an envelope, and it has the motivation, because it pays three times less taxes than it paid in 2013,” he said.
Yatseniuk said that in order to reduce the amount of social security tax the company should meet four criteria. In particular, he said, the company should increase the minimum wage by 2.5 times, in comparison with the previous year, and to pay no less than three minimum wages set by the state, that is UAH 3,600.
In addition, he said that the company should also ensure the overall growth of each individual salary by at least 30%, and the average payment per insured person should grow by at least UAH 700.