According to UBS, pay increases next year will be around the average of the last ten years. But inflation risks cutting back on these increases.
An average nominal wage increase of 0.8% is expected in Switzerland in 2022, “which corresponds to the average of the last ten years”, according to a UBS survey of 314 companies. The average increase is estimated at 0.6% for this year. But due to inflation of 0.5% this year and 0.4% in 2022, actual increases will be “only 0.1% in 2021, and 0.4% in 2022.” However, UBS believes that “inflation is only temporary.”
The 22 sectors surveyed all expect wages to rise next year. For two thirds of them, it should be 1%, particularly in chemicals, pharma, IT, telecommunications, machinery and watchmaking. “The crisis for industrial companies has been less harsh than what was feared a year ago,” notes UBS. The smallest wage increases will be 0.5%, especially in tourism, culture or retail.