Ukrainian Railways announces a ₴15B loss and is preparing to raise salaries due to a personnel shortage.

Passenger transportation, in general, is not profitable and generates losses for Ukrzaliznytsia (UZ) of approximately ₴15B ($0.4B), the company’s chairman, Yevhen Lyashchenko, said.

At the Kyiv International Economic Forum, he announced that in 2024 UZ will increase employees’ salaries by 10% to promote retention. Total salaries for professions such as locksmith and electrician have risen by 30-40%. However, personnel accounts for approximately 50% of UZ’s total costs, which is a significant financial burden on the company. The company’s average monthly salary is currently ₴14,500 ($400). The company has 220,000 employees, with 190,000 working directly for UZ and 5,500 in affiliated companies.

At the same time, according to Lyashchenko, the company lacks 30-50% of necessary qualified personnel. To improve its financial condition, the company expects to adjust tariffs for the transportation of commercial goods in 2024 that follow the inflation level.