Nominal wages up 1.8 percent in 2023 according to third estimate
Published: Tuesday, Nov 28th 2023, 09:00
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Wages in Switzerland are likely to have risen significantly this year. However, they will probably not be able to keep pace with inflation.
According to the third estimate by the Federal Statistical Office (FSO), nominal wages have risen by 1.8 percent in the current year, as was reported in a press release on Tuesday. The FSO estimates nominal wage development on a quarterly basis. The figure is based on cumulative wage data and may change with each subsequent estimate. A wage increase of 1.8 percent was already measured after the first and second quarters.
For most employees, wage increases will therefore be eaten up by inflation. Forecasters are currently predicting an average inflation rate of just over 2% for the year as a whole.
According to calculations by the Federal Statistical Office (FSO), nominal wages rose by an average of 0.9% in 2022. Taking into account annual inflation of 2.8%, real wages fell by an average of 1.9% at that time.
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