The latest estimate from the Federal Statistical Office (FSO) suggests that nominal wages in Switzerland are expected to increase by 1.5% in 2024. This represents a slight upward revision from earlier assessments, as cumulative wage data indicates a rise from 0.6% in the first quarter to 1.1% after the second quarter.

However, despite this nominal wage growth, employees are projected to see their increases mostly offset by inflation, which is forecasted to average just over 1% for the year. In 2023, nominal wages increased by an average of 1.7%, but when accounting for an annual inflation rate of 2.1%, real wages actually declined by 0.4%. It is important to note that the FSO's estimates are subject to change with each quarterly update, highlighting the dynamic nature of wage and inflation trends in the Swiss economy.