Swiss workers see wages stagnate

Swiss workers see wages stagnate
Nimalan Tharmalingam

People working in Switzerland saw a real wage increase of just 0.1 percent in 2010 as pay rates marginally outpaced inflation, new figures from the Federal Statistical Office show.

Nominal wages rose by an average of 0.8 percent compared to the previous year. However, this increase was largely eaten away by an inflation rate running at an average of 0.7 percent, FSO said.  

Despite Switzerland enjoying a bumper financial year in 2010, wages have not grown so little year-on-year since 1999.

In 2009, by contrast, nominal wages grew by 2.1 percent, resulting in a real wage increase of 2.6 percent.

Workers in the banking sector benefited from the biggest wage hike in 2010, with pay packets up 1.5 percent on the previous year.

Service sector salaries were up 0.9 percent, while industrial wages increased by just 0.6 percent.

In 2008, the last year for which FSO has full statistics available, the average gross monthly wage was 5,777 Swiss francs (now $6,295).