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Social Democrats stated that the new tax cut – the abolition of the super-gross wage – will not benefit any citizen in the Czech Republic. The new proposal, which was agreed on by the Chamber of Deputies, cuts the tax rate from 20% to 15% for low and medium-income groups. For high income groups, the tax will increase to 23%. Following the abolition, which is supposed to last two years, most of the citizens’ income will rise significantly. Therefore, if one makes 16000 CZK, his net wage would increase by 825 CZK; if 36000 -by 1845 CZK; if 80000 – by 4080 CZK. According to the calculations, the tax cut will benefit the employees who make under 140,000 CZK whileRead more.

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The confidence in the Czech economy among entrepreneurs and consumers fell by 4.4 points to 82 points in November compared to October results. According to the Czech Statistical Office, the most serious decrease was recorded in the entrepreneurial sector which was affected by the COVID-19 restrictions.  The business indicator fell to 81.7 points while the consumer one fell to 83.1 points. Jiří Obst, head of the CZSO business cycle survey department, stated: “The current situation still raises great concerns about the deterioration of the overall economic situation.”  The number of people who are afraid of unemployment is also growing significantly, Obst added. The pessimistic mood for the Czech economy started to spread again due to the second wave and anti-epidemicRead more.

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The unemployment rate in the Czech Republic has increased by 0.7% since the beginning of this year, which puts it at the overall 2.8%. These statistics were presented by The Czech Statistical Office (CZSO) and showcase August figures for economic activity, employment, and unemployment among working-age residents in the Czech Republic. The employment rate among the male population (81.3%) was 14.1% higher than that of women, while the employment rates for the age group of 15-29 are below 50%. The highest employment rate was found in the age group of 30 to 49 (87%), while the age group from 50 to 64 is at 76.7%. However, Czech unemployment is still much lower than the European average, with 7.9% in theRead more.