Data on wages in Switzerland unveiled: pharma takes the lead

Bankers lose top spot

Ranking of average salaries of top executives was published in the mid November by Federal Statistics Office and obtained by NZZ am Sontag newspaper. According to the newest data, bankers lost they firm position on the top. The pharmaceutical industry executives are now the best paid specialists in the country with median gross salary of 645,420 Swiss Francs (corresponding to around 565,660 Euros as per exchange rate from the date of publishing the ranking, Nov. 18th). On the second spot are placed insurance industry executives with median gross salary of CHF643,104. Then-leaders top-flight managers in banking fell to third-place with median gross salary of CHF526,000. When it comes to mid-level managers, pharmaceutical industry recorded median gross salary of CHF280,000 as compared to CHF220,000 of banking middle hierarchy managers. In this category, the structure was the same as in top-ranked executives one, with leaders pharmaceutical specialists and third-placed bankers separated by second-spot insurance industry managers.

Pharma industry salaries are soaring

In the last decade, the change has been observed when it comes to earnings of bankers and pharmaceutical sector employees. The first group has been losing a lot when it comes to median salaries – as much as CHF40,000 have disappeared from a statistical account of Swiss banking executive. In the same time, peers in pharma have managed to significantly improve their earnings and have a median gross salary higher by CHF90,000 now when comparing to 2008.

Lowest earing executives

Who took the bottom spot of the ranking? When it comes to executives, the lowest salaries are in hospitality industry – median gross of CHF49,932. A bit better situation is in placed as second from the bottom retail branch, were median salary is CHF55,380 gross. Third from the end of the ranking is construction sector with the figure at CHF70,188 gross.

Zurich wages hit record high

Not long after the leaked report of the entire country’s salaries, there was published data on Zurich-based employees’ renumeration. The largest city in Switzerland can boast of the highest salaries. The numbers are also highest ever in history. Median gross wage in Zurich in 2016 was at CHF7,820, a rise by 13 percent comparing to 2014 figure. Approximately 25 percent of workers earn more than CHF10,000 gross per month and about the same percentage get salary of less than CHF6,000 gross. When it comes to division per education, those with a degree of post-high school institution have the biggest median salary – CHF10,388 gross. Financial sector experts earn the most of all occupations: CHF10,949 gross, followed closely by managers with CHF10,538 gross. Among age groups, employees above 50 years old earn the lowest wages – just CHF4,658 gross. Even though the data is positive, at the same time Zurich is the expensive city not only in Switzerland, but in the entire world (as per research published earlier this year). Geneva is second in that ranking. Though cost of living in Zurich is enormous, it seams those huge wages manage to provide residents with more than enough spending power. As per the same study as the one responsible for above mentioned list of the most expensive cities to live in, Zurich is second worldwide in terms of purchasing power.

Much of this explains why Switzerland continues to be popular among frontaliers. With Swiss wages and living costs in neighboring countries, the disposable income can be optimized. It is also important to find a good euro-franc exchange rate when exchanging francs and euros. For banks, there are big differences in terms of the EUR CHF rate. A comparison of exchange rates is worthwhile because savings of up to 3% is possible. With our online currency converter, you can compare exchange rates and quickly find the best Swiss Franc Euro exchange rate. Sign up for free today and change euros and francs online.