The United States, several European countries along with Israel and Australia have already said they would reject the compact, which seeks to open up legal migration and better manage migratory flows.
The text was agreed in July following 18 months of negotiations and is due to be adopted next month at a meeting in Marrakesh, Morocco.
"Switzerland will not attend the intergovernmental conference for the formal adoption of the global compact," the Federal Council, the country's executive branch, said in a statement.
Bern had on October 10th announced it would approve the pact in a declaration that also expressed reservations, notably that the country already applied the UN recommendations.
Parliament then intervened, insisting that lawmakers wanted the final say on Switzerland's ultimate adoption of the deal.
"The Federal Council believes that the United Nations Global Compact for Migration is consistent with Switzerland's interests," the statement added.
"However, the Federal Council wishes to postpone its final decision pending conclusion of the parliamentary debates."