In Q3 2024, the average gross monthly nominal wage per headcount in the national economy increased by 7.0 % compared to the same period of the previous year, rising by 4.6 % in real terms. The median wage was CZK 40 482.
"In Q3 2024, the average nominal wage rose by 7 % to CZK 45 412. After taking into account the effect of inflation, the wage rose by 4.6 % in real terms. The median wage reached CZK 40,482 in this quarter," comments Jitka Erhartová, Head of the Labour Statistics Division of the CZSO.
In Q3 2024 the average gross monthly nominal wage (hereafter "average wage") for the adjusted number of employees in the national economy totalled CZK 45 412, which was CZK 2 973 (7.0 %) higher than in the same period of 2023. Consumer prices had increased by 2.3 % over the period, so wages had risen by 4.6 % in real terms. Wages and salaries increased by 7.2 % and the number of employees increased by 0.2 %.
Compared to the previous quarter seasonally adjusted average wage growth in Q3 2024 was 1.9 %.
In the sectoral breakdown by CZ-NACE sections, the highest growth in average wages was compared to the same period in 2023 recorded in the sectors real estate activities (14.4 %), professional, scientific and technical activities (10.1 %) and water supply; sewerage, waste management and remediation activities (9.31 %). The lowest growth occurred in public administration and defence; compulsory social security (3.4 %) and education (3.7 %).
Median wages (CZK 40,482) increased by 6.6 % compared to the same period of the previous year, reaching CZK 42,893 for men and CZK 37,824 for women. Eighty percent of employees received a wage between CZK 21 349 and CZK 77 014.
Q1 to Q3 2024 The average wage reached CZK 45,107, an increase of CZK 2,921 (6.9 %) year on year. Consumer prices increased by 2.3 % over the period, so wages rose by 4.5 % in real terms.
The average gross monthly wage is the proportion of wage resources (including overtime premiums, bonuses, wage compensation, etc.) per employee per month. It is therefore not indicative of the pay of one particular employee. Structural earnings statistics, which have data on the earnings of individual employees, indicate that about two-thirds of employees are paid less than the national average.
The median represents the wage value of an employee in the middle of the wage distribution; that is, half of the wage values are lower and the other half are higher than the median. In contrast to the average wage, which is calculated on the basis of company reporting data, the median has to be derived from a statistical and mathematical model based on a sample survey, because company reports only contain aggregated data for the whole enterprise or organisation.
It should not be forgotten that the employer pays the relevant amounts for health insurance, social security and advance income tax on behalf of the employee from the gross wage, while the employee is paid a net wage.
CSO/ gnews - RoZ
ILLUSTRATIVE PHOTO - pixabay
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