ZURICH (Multibagger) - Shocking Pay Gap Widening in Switzerland: Top Managers Earn 143 Times More Than Lowest Paid Workers in 2023
The income disparity in Switzerland has reached alarming levels, with top managers raking in an average of 143 times more than their lowest paid employees, according to a recent study by trade union Unia.
This represents a significant increase from 2022, when the gap was 139 times, with UBS, the country's largest bank, leading the pack with the largest differential.
UBS has come under fire for its exorbitant executive pay, especially after Swiss Finance Minister Karin Keller-Sutter criticized CEO Sergio Ermotti's staggering 14.4 million Swiss franc ($16.99 million) compensation for 2023.
Other major companies like Novartis and Nestle also exhibited significant salary gaps, highlighting the growing income inequality in Switzerland.
Comparatively, in Britain, CEOs earned 120 times more than the national median salary in 2022, according to the High Pay Centre.
The widening pay gap in Switzerland underscores the need for better redistribution of wealth, as top earners continue to amass wealth while lower and middle-income workers struggle to make ends meet amidst stagnating real wages and rising costs of living.
It is imperative for companies to address this disparity and ensure fair compensation for all employees to promote a more equitable society.
($1 = 0.8475 Swiss francs)