Swiss Real Wages Jump Most in Almost Two Decades

(Bloomberg) — Swiss real wages grew 1.6% last year, the biggest increase since 2009, according to the national statistics office.

It’s the second consecutive annual jump, after a boost of 0.7% in 2024, the agency said in a statement on Tuesday.

The Swiss National Bank has kept interest rates at zero since June, with economists expecting them to stay on hold through 2027. Still, given inflation accelerated to the fastest pace in a year on the back of energy costs, the latest wage data could begin to bring future rate hikes into focus.

Nominally, salaries increased 1.8% in 2025, while average inflation was 0.2%, according to the statement. Wages rose most in public administration, followed by chemicals and pharma.

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