Czech Republic Sees Comparatively High Growth In Minimum Hourly Wage Since 2010
Among OECD countries, the Czech Republic has seen the fifth highest growth in the minimum hourly wage since 2010. Credit: Freepik.
Czech Rep, Sep 30, (BD) – 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.
The Czech Republic also ranks tenth for the largest increase in the cost of living since 2010.