Minimum wage to increase to CZK 20,800 in 2024

The government has approved a new method of calculating the minimum wage. Under the new system, the lowest earnings will gradually rise from the current 41 percent of the average wage to 47 percent in 2029, the Labour Ministry announced on Wednesday. In January 2024, the minimum wage will increase to CZK 20,800, which will represent 42.2 percent of the average wage.

The government has also approved the increase of old age pensions, which should reach an average of CZK 21,060 in January.