Analysis: Average earners in Czechia lose around CZK 17,000 after retirement

People earning the average wage in Czechia lose around CZK 17,000 a month in net income after retiring, according to an analysis by the investment platform Portu obtained by the Czech News Agency. While the average net monthly salary last year was CZK 38,680 (about 1,550 euros), the average old-age pension stood at CZK 21,175 (roughly 850 euros).

A survey carried out for Portu found that 72 percent of Czechs consider a pension of at least CZK 25,000 a month (around 1,000 euros) necessary to maintain a decent standard of living. The analysis warns that many people will not reach that level without additional savings.

The analysis also found that 27.5 percent of Czechs continue working during the first six months after retirement. The European Union average is 13 percent. According to Portu, many retirees stay economically active to make up for the drop in income after leaving the workforce.