Finance (Page 2)

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Banks in the Czech Republic seem desperate to sell as many mortgages as possible, upping their game by nearly 40% in one year, iRozhlas reports. According to statistics from České bankovní asociace (Czech Banking Association) and  České národní banka (Czech National Bank), a total of CZK 22.1 billion worth of mortages were sold to people in November alone, which is a 7% increase from the month before, and a 39% increase from November 19. This is the highest ever recorded by the CNB.  The CNB’s data shows that the average monthly mortgage payment has decreased more than CZK 800, or 0.34% from a year ago. It also dropped 0.05% from October to November 2020. Vladimir Staňura, an advisor from theContinue Reading

Just like most things, people living in the Heart of Europe will see higher prices on tap water going into 2021. Due to a massive drop in water consumption during COVID-19, Prague residents are expected to pay 92.36 Kč per cubic meter of water next year, which is a rise of 7.3% compared to last year.  Tomáš Mrázek of Prague Waterworks and Sewage (PVK), the company in charge of the city’s water system, says that the country’s capital was more affected by the drop in water consumption than anywhere in the Czech Republic. “The increase in price mostly because of a huge drop in invoice volumes which regulated costs are calculated from. These will only increase due to inflation. TheContinue Reading

An independent platform MDW named the gross salary that can be considered minimum decent wage – in Prague, it was at the value of 37 987 CZK, in the rest of the Czech Republic – at 32, 438 CZK. Such results were obtained by the researchers for the year 2020 – since 2019, these values rose by 3,1%. The minimum decent wage is defined by MDW as compensation for a standard 8-hour workday, which allows the employees to have basic yet decent finances for themselves and their household. With such a wage, people should expect to have enough money for food, transport, education, healthcare, clothes, leisure, and savings. Care for one dependent person (child/elderly/sick) was also included in the calculations.Continue Reading

The Czech Minister of Finance Alena Schillerová made a 1:40 minute video promoting government bonds as the perfect stocking stuffer this Christmas, noting that a bond is a “smart gift” that “doesn’t get boring after a while.”  In a video posted to social media, Schillerová told followers that if they’re having trouble figuring out what to put under the Christmas tree this year, she’s got them covered.  “For those of you who are looking for a practical gift for parents or friends, the Bond of the Republic may be the right choice,” she said. Schillerová reminded followers that there were two different types of bonds to choose from depending on what’s right for their loved ones.  “It’s a gift thatContinue Reading

Social Democrats stated that the new tax cut – the abolition of the super-gross wage – will not benefit any citizen in the Czech Republic. The new proposal, which was agreed on by the Chamber of Deputies, cuts the tax rate from 20% to 15% for low and medium-income groups. For high income groups, the tax will increase to 23%. Following the abolition, which is supposed to last two years, most of the citizens’ income will rise significantly. Therefore, if one makes 16000 CZK, his net wage would increase by 825 CZK; if 36000 -by 1845 CZK; if 80000 – by 4080 CZK. According to the calculations, the tax cut will benefit the employees who make under 140,000 CZK whileContinue Reading

Czech Finance Minister Alena Schillerova said on Monday she would plead with the upper house of parliament to scale back a record tax reduction worth over 2% of gross domestic product approved by the lower house against the government’s wishes. Deputies from both ruling coalition and opposition parties voted on Friday for proposals from both sides of the aisle to slash taxes by about CZK 130 billion from next year.Continue Reading