Impacts of COVID-19 on the Labour Market - Evidence from the Czech Republic

The current pandemic has far-reaching consequences for people's lives, employment and family life; has also changed the economic environment. The Covid-19 pandemic had, among other things, significant effects on the labour market, which has undergone significant changes. Thanks to the support of the Czech government and its program, the unemployment rate in 2020 remained so far at 3.51%, which is the lowest unemployment rate of all EU countries. The labour market also opens up space for a more significant implementation of the Industry 4.0 concept, which can increase the competitiveness of companies. The aim of the article is to analyse the dynamic development of basic values observed in the labour market (employment, unemployment, wage developments, etc.) in individual quarters since 2018. Furthermore, the Czech government's employment support programs and the main changes that may occur as a result of the Covid-19 pandemic were presented. The paper presents a multilevel analysis of given condition, as it also takes into account the framework of global changes, which we became part of before the arrival of Covid-19. Without these changes, it is not possible to move advance in with the Industry 4.0 initiative.