Top Swiss Executives Gain 143 Times More Than the Lowest-Paid Workers in 202 3- Check the Payments of Top CEOs

The disparity between the highest and lowest-paid employees in Switzerland continues to grow, with top executives earning an average of 143 times more than their lowest-paid workers in 2023, according to a recent study by the trade union Unia. This widening gap marks an increase from the previous year when the ratio stood at 1:139.

The study, released during a campaign near the Swiss Employers’ Association office in Bern, highlighted the starkest disparity at UBS, where the pay ratio reached a staggering 1:267. UBS CEO Sergio Ermotti earned around $17 million in just nine months, which translates to approximately $99,290 per working day. Had he remained in his position for the entire year, his salary would have totaled $22.7 million—50% more than his predecessor, Ralph Hamers. Ermotti’s daily earnings alone were 1.5 times higher than the annual salary of UBS’s lowest-paid employee.

The study also revealed that executive compensation at other major Swiss companies continued to climb. Five CEOs earned over $11.8 million in 2023, with Novartis’s Vasant Narasimhan leading the pack at $19.1 million, nearly double what he earned the previous year. Outgoing Nestlé CEO Ulf Mark Schneider ranked third, with a salary of $13.2 million, nearly $1.2 million more than in 2022.

Shareholders of Switzerland’s largest companies also reaped significant rewards, with around $53.2 billion distributed in dividends, up from $52.4 billion the previous year. Roche and Nestlé alone paid out almost $9.5 billion each, and shareholders further benefited from share buybacks.

Unia argued that these figures demonstrate that there is ample capital available to increase the lowest wages, which have barely budged despite the rising cost of living. Health insurance premiums, rent, and other essential expenses have increased, further eroding the purchasing power of low and middle-income workers. Average wages, when adjusted for inflation, have also stagnated.

In response to these issues, the employee advocacy group Travail Suisse recently called for wage increases of up to 4% for the coming year. Unia is planning a large-scale wage demonstration in Bern on September 21 to push for these demands.

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