The Federal Statistical Office (FSO) says the average worker received a 0.9% pay increase in 2022 but saw all of this, and more, wiped out by a 2.8% rise in the cost of goods.
Wages saw the strongest growth of 4% in the chemical and pharmaceutical production process last year, but other sectors saw a decline in pay even before inflation kicked in.
Employees engaged in the manufacture of rubber and plastic goods saw pay packets shrink by 2.2% while electrical equipment and clock makers had to make do with 0.6% less.
Food production workers saw no nominal wage growth at all in 2022 while the industrial sector only increased salaries by 0.7%.
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Salaries in Switzerland
The cost of living in Switzerland is among the highest in the world, but workers also earn among the highest salaries.
A survey by UBS bank in November said Swiss purchasing power has fallen to its lowest level in 80 years – but it paints a more positive picture for wage growth this year.
UBS predicted that the average pay packet will swell 2.2% in 2023. The Swiss National Bank forecasts 2.6% inflation this year, falling to 2% in 2024.
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Swiss face biggest loss of purchasing power since 1942
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Wages in Switzerland are not keeping pace with inflation, and in 2022 the purchasing power of employees has dropped significantly.
Swiss central bank hikes interest rate despite banking turmoil
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The Swiss National Bank (SNB) raised the benchmark interest rate on Thursday by to 1.5% in a move to curb inflationary pressure.
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