Pay gap between bosses and ordinary workers widens in Switzerland
Adds UBS comment, paragraphs 3-4
ZURICH, Aug 26 (Reuters) -The gap between the highest- and lowest-paid workers in Switzerland widened in 2023, with top managers earning on average 143 times more than their lowest-paid employees, according to a study published by trade union Unia on Monday.
The pay gap was up from 139 times in 2022, the study said, with the country's biggest bank UBS UBSG.S having the largest differential.
Pay at the bank has become a political talking point, with Swiss Finance Minister Karin Keller-Sutter earlier this year criticising UBS Chief Executive Sergio Ermotti's 14.4 million Swiss franc ($16.99 million) 2023 compensation.
UBS said it offered its employees salaries in line with the market, according to their role, experience and location.
The bank has increased the total salaries for employees working in Switzerland up to and including middle management by 2.25%, slightly higher than the increases in the rest of the financial sector, it said.
Drug maker Novartis NOVN.S had the second highest salary gap, with foodmaker Nestle third, the report said.
Neither Novartis nor Nestle immediately replied to requests for comment.
By way of comparison, last year in Britain, the median FTSE 100 CEO earned 120 times more than the national median salary, according to the High Pay Centre, a think tank.
The Swiss pay gap is at its highest level since 2019, when CEO salaries were 148 times higher than the lowest, Unia said.
"The gaps between the highest and lowest paid workers are huge and getting bigger," said Unia economist Noemie Zurlinden.
The report's authors said inequality in Switzerland had continued to rise even though companies could afford to pay more as they made big dividend payouts and did share buybacks.
While top earners are getting more money, those on low and middle incomes are seeing their spending power reduced as real wages have stagnated due to inflation, Zurlinden said.
"It cannot be justified that the CEOs earn so much more than ordinary workers. A better redistribution of the economic gains is especially important in times of rising costs of living."
($1 = 0.8475 Swiss francs)
Reporting by John Revill
Additional reporting by Paul Arnold; Editing by Sharon Singleton
Aset Terkait
Berita Terbaru
Pengungkapan: Entitas XM Group menyediakan layanan khusus eksekusi dan akses ke Fasilitas Trading Online kami, yang memungkinkan Anda untuk melihat dan/atau menggunakan konten yang tersedia pada atau melalui situs, yang tidak untuk mengubah atau memperluas, serta tidak mengubah atau memperluas hal tersebut. Akses dan penggunaan ini selalu sesuai dengan: (i) Syarat dan Ketentuan; (ii) Peringatan Risiko; dan (iii) Pengungkapan Penuh. Oleh karena itu, konten disediakan hanya sebagai informasi umum. Anda juga harus ketahui bahwa konten Fasilitas Trading Online kami bukan sebagai ajakan atau tawaran untuk untuk melakukan transaksi apa pun di pasar finansial. Trading di pasar finansial mana pun melibatkan tingkat risiko yang signifikan pada modal Anda.
Semua materi yang diterbitkan di Fasilitas Trading Online kami hanya untuk tujuan edukasi/informasi dan tidak boleh mengandung nasihat dan rekomendasi finansial, pajak investasi atau trading, catatan harga trading kami, penawaran, permintaan, transaksi dalam instrumen finansial apa pun atau promo finansial untuk Anda yang tidak diminta.
Konten pihak ketiga apa pun, serta konten yang disiapkan oleh XM, seperti opini, berita, riset, analisis, harga, informasi lain atau link ke situs pihak ketiga yang tersedia "sebagaimana adanya", sebagai komentar pasar umum dan bukan menjadi nasihat investasi. Sejauh konten apa pun ditafsirkan sebagai penelitian investasi, Anda harus memperhatikan dan menerima bahwa konten tersebut tidak dimaksudkan dan belum disiapkan sesuai dengan persyaratan hukum yang dirancang untuk mempromosikan kemandirian riset investasi dan dengan demikian akan dianggap sebagai komunikasi pemasaran di bawah hukum dan peraturan yang relevan. Mohon dipastikan bahwa Anda telah membaca dan memahami Notifikasi pada Riset Investasi Non-Independen dan Peringatan Risiko kami mengenai informasi di atas, yang dapat diakses disini.
