Salaries in 2007 see small but real increase

Wage earners in Switzerland last year saw an average 1.6 per cent nominal increase in their pay, taking advantage of the robust condition of the Swiss economy.

It was the biggest increase since 2003, according to figures released on Wednesday by the Federal Statistics Office. Corrected for inflation, the increase stands at 0.9 per cent.

The office commented that the economic upturn had finally produced a knock-on effect on real salaries, which had stagnated in recent years.

The banking and insurance sectors are top of the table with an average increase of up to 2.5 per cent, while pay cheques in the chemical industry rose by 2.2 per cent.

At the lower end of the scale, salaries in the food and beverages industry did not benefit last year from the buoyant economy, inching up just 0.1 per cent.