Approximately 60% of employers in Czechia are planning to increase wages in the coming year, with most anticipating a raise of between 5% to 10%, reports Expats.cz, citing a survey conducted by the Chamber of Commerce (HK) of the Czech Republic, and the Czech News Agency (CTK). The wage increase will mostly happen in larger companies with over 250 employees (90%) and medium-sized enterprises with 51 to 250 employees (79%), particularly in the processing industry.

"This is related to the expectation that household consumption will pick up in 2024. Some businesses will increase pay by more than 10%, especially those that provide services to businesses. But data from companies suggests that the wage-inflation spiral this year and in 2024 as a result of possible high double-digit wage growth will not happen" said Chamber of Commerce president Zdeněk Zajíček. Zajíček also pointed out that the current average (real) wage is expected to rise nominally by 8% year on year, approaching CZK 43,600 (€1,769). Real wages likely started to rise slightly in the last quarter of this year due to falling inflation. It's projected that wages will continue to rise in real terms next year as inflation for the entire year 2024 could fall to 3.3%, according to the Chamber’s calculations.