Swiss customers caught out as actual wages fall by 0,8 %

According to the most recent information from the Federal Statistical Office (FSO), nominal wages in Switzerland fell by 0,2 % in 2021. When added to rising inflation, staff have been 0,8 % extra out of pocket in 2021 than the 12 months earlier than.

Salaries decline in Switzerland as value of dwelling rises

2021 noticed the primary decline in Swiss salaries since data started in 1942, largely because of elevated purposes for unemployment insurance coverage because of folks shedding their jobs throughout COVID. As a end result, in accordance with the FSO, nominal wages throughout all sectors fell by 0,2 %.

Alongside the small decline in wages, inflation rose to 0,6 % in 2021, a phenomenon the FSO blamed on increased oil costs and the elevated value of renting a home or condominium in Switzerland. In all, workers within the alpine nation skilled a 0,8 % drop in buying energy over the past 12 months.

COVID blamed for drop in actual wages

According to Didier Froidevaux, Head of Wages and Working Conditions on the FSO, many of the fall in actual wages will be blamed on the COVID pandemic. He defined that because of the grim financial forecasts on the time, staff had “a certain reluctance” to barter increased salaries in work contracts, that means that in contrast to in different occasions like the worldwide monetary disaster and the Second World War, Swiss wages didn’t sustain with inflation.

Interestingly, the report by the FSO discovered that whereas the wages of males declined final 12 months, the wages of ladies elevated considerably. The FSO famous that as males’s actual wages fell by 1,3 %, girls’s buying energy remained largely unchanged.

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