71% of Czech Firms Plan to Raise Wages

Employers plan to increase salaries by an average of 8% in 2022, according to a survey by the HR agency Předvýběr.CZ.

71% of the respondents confirmed the increase in wages, while another 18% have not yet made a decision on wage policy for next year.

Less than a third (29%) of companies will not increase wages for all, but only for selected professions, mostly technical and business.

In addition to wage increases, companies are also counting on further support for recruiting new employees and increasing the attractiveness for current ones.

In total, 62% will strengthen employee benefits, 31% will offer more part-time jobs and 7% will increase recruitment allowances.

The Worldwide Wage Report has analyzed variations in the minimum wage in comparison to the cost of living in all countries in the Organization for Economic Co-operation and Development (OECD) since 2010.

The Czech Republic ranks fifth for the largest growth in the minimum hourly wage in the period studied.

The minimum hourly wage in the Czech Republic has risen by 54% in the past ten years, from $4.10 to $6.30 (CZK 139).

The top of the list was Lithuania, where the minimum hourly wage has more than doubled, followed by South Korea, Hungary, and Poland.

“For comparison, the cost of living rose by 20.2% over the same period, and national labor productivity increased by 16%. Unit wage costs rose by 27%,” wrote economist Helena Horská on Twitter.