Nominal wages up 1.5 percent in 2024 according to third estimate
Published: Friday, Nov 29th 2024, 10:00
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Wages in Switzerland are likely to have risen slightly more in 2024 than previously assumed. However, some of this is likely to be eaten up by inflation.
According to the third estimate by the Federal Statistical Office (FSO), nominal wages have risen by 1.5 percent in the current year, as was reported in a press release on Friday. 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. After the first quarter, a wage increase of 0.6 percent was initially measured, which was then revised upwards to 1.1 percent after the second quarter.
For most employees, however, wage increases will be eaten up by inflation. Forecasters are currently predicting an average inflation rate of just over 1% 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. Taking into account annual inflation of 2.1%, real wages fell by an average of 0.4% at that time.
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