Czech Wages at All-Time High, Praguers Earn the Most

The monthly average wage in the Czech Republic jumped considerably over the past year
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The average gross monthly wage in the Czech Republic increased by 4.2 percent to 30,000 CZK in the fourth quarter of the previous year, according to new data from the Czech Statistical Office.

In real terms, after inflation, wages increased by 2.8%. The wage volume grew by 5.8% and the number of employees increased by 1.6%.

The highest average monthly wage is still in Prague (36,584 CZK). The lowest in the country, the average wage in the Karlovy Vary region, saw an above-average increase of 4.8 percent to 25,496 CZK.

For the first time in history, the median grew by six percent, surpassing 25,000 CZK.

Record employment rates have meant an increase in wages; on the other hand, current inflation eats part of salaries, Komerční banka economist Viktor Zeisel told Aktualne.cz.

Also read:  Czech Republic reports 3,589 coronavirus cases as daily rise slows down

“Although nominal wage growth continues at a decent pace, in real terms, we are witnessing a slowdown in salaries. Rapidly increasing prices are encroaching on them.”

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Increased inflation has seen higher food and gas prices throughout the Czech Republic.

In related news, a recent study analysed 20 cities based on the percentage of a tenant’s salary needed to rent a one-bedroom apartment.

The poll indicated that in Prague, 21% of wage is being spent on rent.

 

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