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The Czech Republic is taking another step in its attempt to raise the standard of living in the country. Starting on the 1.1.2018, the minimum wage will rise by 1200 Czech Korunas to 12,200 Czech Korunas a month. The minimum hourly wage will rise from 66 Czech Korunas to 73.2 Czech Korunas.
“Work should be remunerative and Czech Workers deserve fair wages,” says Bohuslav Sbotka, Prime Minister of the Czech Republic. The Government of the Czech Republic believes that raising the minimum wage will guarantee a better life for its employees, in other words provide motivation for work as a substitute for taking advantage of social benefits.
The purpose of the current Government of the Czech Republic is to reach a minimum wage of at least 40% of the average market wage. The current raise of the minimum wage will achieve this goal, because it will place the minimum wage at 40.5% of the average wage in the Czech market.
Since the Czech Republic is currently enjoying low unemployment rates and stable economic growth, this step can be seen as a rational and required step to transform the Czech Republic into an economically powerful European State.
