Swiss wages increase but growth slowed by inflation

For many workers, wage increases have been eaten up by inflation, and real wages have fallen by 0.4% on average. Keystone / Gaetan Bally

While wages in Switzerland rose last year, the benefits were once again cancelled out by rising prices.

Nominal wages in the country rose by an average of 1.7% in 2023, the Federal Statistical Office (FSO) announced on Thursday. An increase of 1.8% had previously been forecast.

For many workers, however, the wage increases were eaten up by inflation. Taking into account average annual inflation of 2.1%, real wages fell by 0.4% on average, according to the FSO.  

+ Swiss salaries: high, stable, and not enough for many

Wages rose by 0.9% in nominal terms in 2022 but dropped sharply, by 1.9%, in real terms, mainly due to an inflation rate of 2.8%. 

The FSO estimates nominal wage growth on a quarterly basis. The figure is based on cumulative data on gross wage growth, and includes 13th-month salary payments. The figure can change with subsequent estimates.  

Adapted from German by DeepL/kp 

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