Real wages in the Czech Republic have fallen by 10% in six years

Real wages in the Czech Republic have fallen by 10% after six years, the biggest drop among European Union (EU) countries. This was reported on Tuesday, February 4, by the publication České noviny, citing Pavel Peterka, chief economist of the trading company XTB.

"Wages in the Czech Republic have nominally increased by 27% since the end of 2019, but in real terms they are 10% lower due to high inflation. The decline in purchasing power is the most pronounced among European Union countries," the material says.

The economist expects that in 2025 real wages will grow by another 3.5%-4.5%, but still will not be able to reach the pre-pandemic level.

In 11 of the 27 countries that make up the EU, real wages are still not back to the pre-pandemic level, but in none of them the cumulative decline is not as significant as in the Czech Republic, Peterku added.

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Earlier, on January 27, it was reported that several unions in Finland are launching protests over disagreements with employers over employee wage levels. The Industrial Union, which is part of the Central Association of Trade Unions (SAK), is negotiating with companies in the technology and chemical industries. The latter has set a goal of raising wages by 10 percent within two years, a demand that employers consider unrealistic.