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Switzerland

Basic Economic Summary

Overview

  • Local Languages: German, French, Italian, English
  • Capital: Bern
  • Currency: Swiss Franc
  • Population: 8.545 million
  • Date Format: dd/mm/yyyy

Useful Information

  • GDP Per Capita (in USD): 81,993.73 USD
  • Exchange Rate (CHF/USD): 1.1040551

Local Universities

Top Local Universities

University Rankings
ETH Zurich - Swiss Federal Institute of Technology Ranking in Switzerland: 1, World Ranking: 29
Swiss Federal Institute of Technology in Lausanne Ranking in Switzerland: 2, World Ranking: 80
University of Zurich Ranking in Switzerland: 3, World Ranking: 90
University of Basel Ranking in Switzerland: 6, World Ranking: 275
University of Bern Ranking in Switzerland: 5, World Ranking: 166

Salary Data

Average Salary of Jobs (Per Month)

The table below shows the average salaries of some jobs in Switzerland. Please refer to SalaryExplorer for more information.

Job Title Average Salary Range (CHF) Average Salary Range (USD)
Surgeons/Doctors 240,000 to 705,000 264,890.91 - 778,117.05
Judges 201,000 to 592,000 221,846.14 - 653,431.33
Lawyers 163,000 to 479,000 179,914.37 - 528,705.42
Bank Managers 153,000 to 451,000 168,898.67 - 497,864.70
Chief Executive Officer 144,000 to 423,000 158,963.45 - 466,986.30
Chief Financial Officers 134,000 to 395,000 147,934.19 - 436,074.67

Talent Sourcing Tips

Taxes

Employer Payroll Tax

The employer payroll tax is calculated as follows:

Category Rate Cap
Old age, survivors’ and disability insurance 5.3% No cap
Unemployment Insurance 1.1% 148,200
Supplementary Unemployment Insurance 0.5% above 148,200
Family Compensation Fund 1-3% No cap
Occupational accident insurance 0.17 to 13.5% 148,200
Non-occupational accident insurance 1 to 4% 148,200
Occupational pension scheme Depending on pension plan, employer specific
Medical insurance Depending on coverage, private insurance

Employee Payroll Tax

The employee payroll tax is calculated as follows:

Category Rate Cap
Old age, survivors’ and disability insurance 5.3% No cap
Unemployment Insurance 1.1% 148,200
Supplementary Unemployment Insurance 0.5% above 148,200
Family Compensation Fund 0% No cap
Occupational accident insurance 0% 148,200
Non-occupational accident insurance 1 to 4% 148,200
Occupational pension scheme Depending on pension plan, employer specific
Medical insurance Depending on coverage, private insurance

Employee Income Tax

The income tax rate in Switzlerland is as follows:

Taxable income CHF *) Tax on column 1 Tax on excess
Over Not over
0 14,500 - -
14,500 31,600 - 0.77
31,600 41,400 131.65 0.88
41,400 55,200 217.90 2.64
55,200 72,500 582.20 2.97
72,500 78,100 1,096.00 5.94
78,100 103,600 103,600 6.60
103,600 134,600 3,111.60 8.80
134,600 176,000 5,839.60 11.00
176,000 755,200 10,393.60 13.20
755,200 86,848.00 11.50

Minimum Wage & Payroll

Minimum Wage

There is no official minimum wage in Switzerland.

Payroll Cycle

The employee must be paid monthly.

Bonus

13th month salary

Employers in Switzerland pay their employees salary in 13 installments. They are given 2 months salary in December.

Working Hours & Statutory Leave

Working hours

The standard number of working hours in Switzerland is upto 45 hours a week.

Overtime pay

Overtime must be compensated at a premium of 25% and must not exceed 2 hours a day.

Public Holidays

Number of national holidays is 6 days. However, there are also quite a few regional holidays. The list of holidays can be found here.

Leaves

Annual Paid Leave

Employees in Switzerland are entitled to four week of paid annual leave per year. On the other hand, younger employees, below the age of 20 are entitled to five weeks of paid annual leave.

Sick Leave

Under the Swiss law, employees who are in their first year are entitled to paid sick leave for for up to three weeks and at a full pay proportionate to longer periods of employment.

Parental Leave

Maternity Leave in Switzerland is given for a period of 14 weeks after the birth of the child. Mothers receive 80% of their wages during this leave.

Paid Paternity Leave is also given to fathers for a period of two weeks



Offboarding & Termination

Termination Process

In Switzerland, either party can terminate the contract - either on the grounds of statutory or notice period.

Notice Period

There is a 7 day notice period given to the party during the probation period. Alternate arrangements of notice period may also be stated in the employment contract.

Severance Pay

No statutory provision for severance pay in Switzerland.

Probation period

The probation period in Switzerland is between one to three months.

VAT

7.7%

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