Increase of the minimum salary from the 1st of October

According to the Law on the State Budget for 2022, the amount of the minimum salary from the 1st of October 2022 will be:

- in the monthly amount - UAH 6700 (it was UAH 6500 from the 1st of January);

- hourly - UAH 40.46 (it was UAH 39.26 from the 1st of January 2022).

Such an increase in the minimum wage will also affect the size of the single social contribution for enterprises, taxes for self-employed persons on the general and simplified taxation system, taxes for individuals engaged in independent professional activity, and the minimum insurance contribution for farm members.

In addition, the maximum basis for calculation of the single social contribution is also changing and will be equal to UAH 100500 (it was UAH 97500).

In addition, fines for labor law violations will increase, as they depend on the amount of the minimum salary established at the time the violation was discovered.

Separately, we would like to remind you that self-employed persons, persons engaged in independent professional activities, and members of a farm are exempted from the mandatory payment of single social contribution for themselves from the 1st of March 2022 until the end of martial law, as well as during the following year after its end. At the same time, they have the right to voluntarily pay single social contribution for themselves and indicate the amount of such single social contribution in the declaration for the purpose of obtaining insurance experience.