Archive: Business | Employment Employment
Trade union group fears that government cuts will weaken stagnant Czech economy
The Czech government is debating continued austerity measures, hoping to
save 23 billion crowns in 2012, 42.4 billion in 2013 and a whopping 84.4
billion in 2014. But the plans have been met with opposition from trade
unions, who are highlighting that the cuts could lead to as many as 24,000
public sector job losses and include layoffs of as many as 17,000 teachers
as well as 3,500 police officers within the next two years. Jaroslav
Zavadil, head of the Czech-Moravian Confederation of Trade Unions recently
called this “a path to hell, which will destroy the public sector.” More
Business News
In this week’s Business News: the most absurd bank fee is announced; a
study finds that a third of young Czechs are working flexible hours; fears
that eurozone unemployment could hit Czech exports; the Finance Ministry is
seeking to lure investment funds into the country and Czech Railway
cutbacks mean fewer train conductors. More
Constitutional Court defies EU with ruling on Czech-Slovak pensions
The Constitutional Court on Tuesday made a landmark ruling regarding the
difference in pensions between the Czech and Slovak Republic. Cases exist
where Czechs who worked in the other half of Czechoslovakia now receive the
lower pension rate of the Slovak Republic. According to the new decision of
the court, such citizens never worked in a foreign country and thus are
entitled to compensatory payments to raise their pensions to Czech
standards. Among the chaos this creates for the Social Affairs Ministry now
is that fact that the ruling directly contradicts the European Court of
Justice. More
Business News
In Business News: The government debt has reached almost 40 percent of the
GDP; unemployment in January rose to 9.1 percent; the Czech state loses an
estimated 25 to 30 billion crowns every a year on account of tax evasion;
union representatives have rejected a 2.5 percent salary bump offered by
car manufacturer Škoda Auto; the sale of winter clothing and apparel –
including winter wear for dogs – has jumped markedly in the cold snap. More
Rise in unemployment especially problematic for graduates and unemployed persons over 50
More than 500,000 Czechs are currently out of work, with the rate of
unemployment growing from 8 percent in November of last year to 8.6 percent
in December. While a jump in unemployment figures is not unusual for this
season, experts warn that the growing number of persons aged 50 and over
who find themselves out of a job and with little chance of getting hired
poses a serious long-term problem for the economy. Former finance minister
and Raiffeisenbank’s chief economist Pavel Mertlík speaks about expected
labor market developments for 2012. More
Survey suggests a fifth of Czech companies will introduce layoffs in 2012
For many people 2012 promises to be a tough year or at least one of big
changes: a new survey by the Czech Chamber of Commerce has suggested that
every fifth company in the Czech Republic is planning layoffs in reaction
to the slowing economy – some letting go hundreds, while others will cuts
jobs for dozens of employees. More
Business News
The lower house passes the draft state budget for 2012 in a first reading;
the 2011 Czech state budget deficit falls to 91.5 billion crowns in
October; the Czech unemployment rate drops 0.5 percent to 6.6 percent year
on year; the lower house approves restrictions of state support to building
savings; and Škoda Auto reveals price of its new model. More
Jakub Mareš – pioneering the co-working centre concept in the Czech Republic
Jakub Mareš is one of the operators of the Hub, Prague’s biggest
co-working centre. They are a new kind of shared working environment where
people whose main tool is their notebook computer can rent a desk for as
many hours a week as they need. Located in a former printing factory in the
Smíchov district, the Hub features a large open office space, meeting
rooms, a bar and lounge area, and even a summer terrace. When we spoke
there recently, I asked Mareš (30) why he and his colleagues had launched
the project in Prague, and why now. More
Business News
The Czech government’s pilot bond issue is sold out weeks ahead of
deadline; long-term unemployment rate drops in the second quarter of 2011;
the budget deficit reaches almost 80 percent of 2011 projected figure; next
year’s state budget draft proposes public service job cuts; dozens of
solar power companies demand compensation from Czech government. More
Business News
In business news this week: the government approves the 2012 draft budget
amidst concerns over revised economic growth predictions, wages rose by an
average 2.5 percent in the second quarter while the jobless rate remains
essentially unchanged at 8.2 percent. More
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