CZECH AVERAGE MONTHLY WAGES PASS 30,000 CROWN MARK FOR FIRST TIME
The average wage in the Czech Republic increased by 8.0 percent in the last quarter of 2017 compared to the same period in the previous year, according to the data released by the Czech Statistical Office on Friday.
In real terms, discounting inflation, the rise was 5.3 percent. The average gross monthly salary in the last quarter of 2017 stood at 31,646 crowns. Average monthly earnings for the whole of 2017 rose by 7.0 percent to 29,504 crowns.
The median wage, the level at which most people are earning removing part of the distortion from high earners, in the last quarter rose by 8.9 percent to 27,320 crowns.
“The average wage reached the highest figure in the history of Czech economy and for the first time crossed the threshold of 30,000 crowns. The increase was fuelled not only by a tight job market, but also by wage increases in the public sphere,” Jana Steckerová of Komerční Banka told the daily Hospodářské noviny on Friday.
Teachers and public servants saw the most significant pay rises in 2017. Since November, teacher’s wages increased by 15 percent, while salaries of public servants went up by 10 percent. Altogether, wages in the state sphere increased by 13 percent.
“The growing wages in the public sphere affect the private sector, where wages are also pushed up by lack of workers,” Jana Steckerová told the daily, adding that the unemployment will continue to fall even further.
The Czech unemployment figure dropped to 3.7 percent in February.
Average wages in the Czech Republic has been increasing continuously since the beginning of 2014. Nevertheless, two thirds of Czech employees earn less than the average.
The average Czech salary in 2017 increased to 67 percent of the EU average, from 65 percent in the previous year. Wages in the Czech Republic are roughly on the same level as in Poland, Portugal or Greece.
Prepared by CzechTrade Office in Mumbai.
The source: http://radio.cz/en/section/business/czech-average-monthly-wages-pass-30000-crown-mark-for-first-time