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Cabinet of Ministers has regulated restrictions on payments to CEOs and members of supervisory boards of state-owned enterprises

Communications Department of the Secretariat of the CMU, posted 28 October 2020 09:17

On October 26, in accordance with the decision of the Constitutional Court of Ukraine, the Government reduced the term of the restriction established by the "Final Provisions" of the Law on Amendments to the State Budget of Ukraine of April 13, 2020. In particular, it removed the restrictions by which the monthly remuneration and salaries of CEOs and members of supervisory boards of public sector enterprises are determined in an amount not exceeding 10 times the minimum wage.

Adoption of the above decisions was made possible due to the amendments to the Law of Ukraine "On the State Budget of Ukraine for 2020" adopted by the Verkhovna Rada on September 17, 2020, which gave the Verkhovna Rada the right to reduce the term of restrictions, prohibitions, benefits and guarantees established by relevant laws of Ukraine, adopted in order to prevent the occurrence and spread on the territory of Ukraine of acute respiratory disease COVID-19.

Meanwhile, under a resolution on "Some issues of remuneration of heads, members of executive bodies and remuneration of members of supervisory boards of public sector entities", the Government returned the previous restrictions on payments to CEOs and members of supervisory boards of state enterprises. In particular, the procedure is returned when the amount of remuneration is determined in multiplicity to the average monthly payment depending on the group of the enterprise and the type of its economic activity. Also, the restrictions by which the monthly salary of the head of the business entity of the public sector of the economy, which is determined in the contract, should not exceed UAH 1.25 million.

The adopted Resolution is in line with the signed international agreements, according to which the Ukrainian authorities have stated their intention to lift restrictions on payments by July 1, 2020.

At that, the salaries of the members of the Cabinet of Ministers still do not exceed 5 average wages.

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