KYIV, July 7 – A minimum wage increase will stimulate the economic performance, Economic Development, Trade and Agriculture Minister of Ukraine Ihor Petrashko said.

"Do you remember we had a minimum wage of UAH 1,000? A company could hire five people who had a poor workload. And when [the minimum wage was raised to] UAH 4,700, they had to stake on productivity. It is a challenge. It stimulates both people and entrepreneurs for development and research," he said in an exclusive interview with the Interfax-Ukraine News Agency.