Nominal Swiss wages up 1.5% in 2024, says latest estimate

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. +Get the most important news from Switzerland in your inbox According to the third estimate by the Federal Statistical Office (FSO), nominal wages have risen by 1.5% in the current year, according to a statement 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% was initially measured, which was then revised upwards to 1.1% after the second quarter. For most employees, however, wage increases will be eaten up by inflation. Forecasters currently expect an average inflation rate of just over 1% for the year as a whole. According to FSO calculations, nominal wages rose by an average of 1.7% in 2023. Including annual inflation of 2.1%, real wages fell by an average of 0.4%.