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Czech News in English » Business » Czechs experience the fastest growth in salaries in the last decade

Czechs experience the fastest growth in salaries in the last decade

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Over the last decade, the wages in the Czech Republic increased by 51 percent which is the best result among the neighbouring countries. According to the brokerage company Purple Trading, the wages grow twice faster than in Germany and Slovakia.

Germany has seen the slowest growth which was 26.5 percent in the last decade. Slovakia follows with 27.1 percent, where the growth of salaries slowed down in 2008 after the transition to the euro currency. There’s Poland with 34 percent and Austria with 36.9.

However, even with this salary growth, the Czech Republic has much lower salaries than Germany. The average monthly salary in Germany is 106 436 Czech crowns. This is 193 percent higher than the average salary in the Czech Republic: 34 271 crowns. Austria is in second place with CZK 100 321. The monthly wage in Poland is CZK 29 591 which is 13.7 percent lower than in the Czech Republic. Slovakia’s average monthly income is CZK 27 025.

The rise in salaries was followed by the strong inflation rate in the Czech Republic, which is one of the highest in Central Europe: 2.9 percent. On the contrary, Germany doesn’t suffer from the fast growth of the prices during the pandemic, seeing a deflation of 0.2 percent.

Štěpán Hájek, the Purple Trading analyst, stated that inflation demonstrates how the wages will grow. “As a result of restrictive measures, wage growth can be expected to stagnate next year not only in the Czech Republic but also in other European economies,” he added.

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