Friday, 31 July 2020

Czech average monthly wage nears CZK 34,000

Prague Daily Monitor |
5 December 2019

The Czech average monthly wage came in at CZK 33,697 in the third quarter. The increase is 6.9% higher than a year ago. After inflation the gains are about 4%. Wage growth is slowing down and analysts had predicted wage gains below 4% annually inflation adjusted. The information was released Wednesday from the Czech Statistical Agency (CSU). Prague has the highest average wage at CZK 41,720, Karlovarsky Kraj the lowest at CZK 29,941.

The median wage, the middle point of all wage earners was much lower at CZK 29,549 meaning that half of working people in Czechia make less than that.

As no surprise, IT workers had the highest average wages at CZK 57,785, followed by Finance and Insurance employees at just under CZK 56,200. Filling out third place are workers in electricity, gas and heating at CZK 46,376. At the opposite end of the spectrum were workers from Hotel, food and beverage service at CZK 20,214.

The slowing economy, especially in manufacturing, is expected to take some wind out of the salary sails. Fourth quarter results should be out in early March.