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Czech Republic: Average monthly salary up 8.5 percent

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The Czech Statistical Office reports that the average monthly salary in the Czech Republic is now at CZK 31,516, an 8.5 percent year-on-year increase.

Indeed, growth in salaries will experience a 15-year high in 2018 overall. However, experts say that wage growth in the private sector should decrease next year.

Czechs have seen a notable level of growth in their salaries this year and currently earn on average nearly CZK 2,500 more than they did in the third quarter of 2017.

The median wage is growing even faster. Year-on-year change is as high as 9.8 percent. BH Securities economist Štěpán Křeček told Czech Television this is helping lower the gap between rich and poor, as salaries of those who are earning less is growing faster than for the wealthier half of Czech society.

The country currently boasts the lowest unemployment levels in Europe according to business intelligence portal Statista and economists are saying it is mainly the tight labour market that is driving companies to increase wages.

However, regional differences in salaries remain substantial in the country, with the average employee in Prague earning CZK 11,304 more than his or her counterpart in Karlovy Vary.

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