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Due to the economic effects of the corona pandemic, the pay round for 2021 is likely to be meager for many employees. Major bank UBS expects wages to stagnate on average, while job portal Jobcloud only offers a higher salary to just under half of its employees.
According to its pay survey released Thursday, UBS expects the pay round to be lower than it has been in more than 20 years. Specifically, the bank is assuming an average nominal wage increase in Switzerland of 0.3 percent in 2021: “This is the lowest increase since 1999,” write the UBS economists. If you include the 0.2 percent forecast for next year, “wages are likely to stagnate in real terms,” experts said.
Mostly a round zero
After all: in more than half of all industries, a zero round can be expected, but at the same time there are no pay cuts across the board. None of the companies surveyed are planning pay cuts, he says. In contrast, a nominal wage increase cannot be expected for a total of 12 of the 22 industries examined in 2021. This, in turn, means that when inflation is taken into account, more than half of the employees in Switzerland have to accept a 0.2 percent decrease in real wages.
A survey by the job portal Jobcloud shows similar results regarding the 2021 wage round. More than half of Swiss employers (55%) do not want to increase wages next year, according to the analysis that was also published Thursday. The rest plan to raise wages only selectively (36%) or even adjust all wages upward (9%).
Meanwhile, the best prospects for salary increases are in small and medium-sized companies. For example, 63 percent of SMEs in German-speaking Switzerland and 43 percent of small businesses in French-speaking Switzerland said they wanted to increase wages generally or selectively in 2021. Overall, according to Jobcloud, only one in five employees expects a pay increase.
Especially bad at tourism
Looking at individual industries, the UBS wage survey says that wage cuts are logically expected in those industries that were and are still most severely affected by measures to combat the corona pandemic.
This includes the tourism sector, in which UBS also combines gastronomy, culture, sports and education. But also for companies in economically sensitive parts of the industry, as well as in the watch and jewelery sector, a zero round can be expected. (pbe / SDA)
