Which sectors in Switzerland can look forward to the biggest wage increases in 2026?

Companies in Switzerland are planning to significantly increase employees’ wages next year, despite the ongoing tariff dispute with the US, according to a new report.

Many Swiss companies planning wage increases in 2026

A new wage survey conducted by the Swiss Economic Institute (KOF) has found that many Swiss companies are planning to increase salaries in 2026. The NZZ am Sonntag reports, citing the survey of 4.500 companies, that nominal wages are expected to increase by 1,3 percent over the next 12 months, on average.

Taking into account inflation - which the KOF recently estimated to be at around 0,5 percent - that’s a real wage increase of 0,8 percent, and would mark the third consecutive year that people working in Switzerland have seen real wage increases, after a long spell with limited or no raises between 2021 and 2023. 

Which sectors will see biggest pay rises?

But which sectors are planning the most generous pay renegotiations? According to the NZZ am Sonntag, the construction industry is expected to offer the highest raises, with average increases of around 1,7 percent. A shortage of skilled workers and a strong union are helping to push salaries up in this sector. 

Other industries that are expected to post strong wage growth over the next 12 months include the hospitality, pharmaceutical and financial sectors. 

Some sectors could see job losses as a result of US tariffs

On the other hand, lower increases are expected for the retail and wholesale trade sectors, as well as export-orientated industries like the watch and machinery manufacturing sectors, which are suffering in the wake of being hit by punitive US tariffs. 

Indeed, the Swiss business federation reported last week that these industries could even be gearing up for layoffs next year, warning that more than 100.000 jobs would be affected by the tariffs and that some job losses might be unavoidable. Particularly affected sectors include the electronics and watchmaking sectors, food, tobacco and pharmaceuticals.