Factors affecting wages in the Czech Republic

This paper aims to explain the factors that affect wages and its size. Analytical method for this explanation is Mincerian's earnings function and its extensions and variations, estimated using the metod of generalized least squares. These earnings functions are constructed from the data of the labor market of the Czech Republic, specifically from the statistical survey of the Information System on Average Earnings of the Ministry of Labour and Social Affairs, Czech republic. The main finding of this work is that an additional year of education leads to an increase in worker's wages by about 8%, so education is one of the factors on which wages depend. Other factors may also be practical worker, age or gender. The results show the estimated function of the fact that women in the Czech Republic are wages by 15 to 20% less than men. Also a great impact on wages is fact that the worker is at work at a managerial position or not.