Nominal wages to rise by 1.1 percent in 2024 according to second estimate
Published: Monday, Sep 2nd 2024, 09:00
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Wages in Switzerland are rising somewhat more strongly this year than initially assumed. However, they will probably still not quite be able to keep pace with inflation.
According to the second estimate by the Federal Statistical Office (FSO), nominal wages are likely to rise by 1.1% in the current year, as was reported in a press release on Monday. The first estimate in spring still assumed an increase of 0.6 percent. The FSO estimates nominal wage growth on a quarterly basis. The value is based on cumulative wage data and may still change in the next estimate.
For employees, wage increases could therefore continue to be partially eaten up by inflation. Most forecasters are currently predicting an inflation rate of around 1.3% for the year as a whole.
According to calculations by the Federal Statistical Office (FSO), nominal wages rose by an average of 1.7% in 2023. However, taking into account average annual inflation of +2.1%, real wages fell by an average of 0.4%. According to the FSO, wages rose by 0.9% in nominal terms in 2022 and fell by 1.9% in real terms.
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