Switzerland offers a high quality of life and attractive salaries. It is becoming a career destination for professionals from many European countries. Dynamic economic changes and the stability of the Swiss franc create unique earning opportunities that attract both young professionals and experienced experts. What salaries can foreigners planning to move to Switzerland in 2024 count on, what are the costs of living locally, and what formal and systemic issues are worth paying attention to in the country?
Average earnings in Switzerland in 2024
"Switzerland is renowned for its high labour standards and competitive salaries. The average annual salary is set at 78,000 CHF, which is approximately 79,500 EUR. Switzerland does not have a statutory minimum wage, and an employee's salary depends on factors such as education, experience, industry or region. Some collective agreements set a minimum hourly rate. Based on this, it can be estimated that the minimum wage in Switzerland in January 2024 was 4,426 CHF gross per month, or approximately 4,503 EUR. In comparison, the minimum wage in Bulgaria, for example, is 477 EUR; in Croatia, it was set at 840 EUR gross. The EU leader is Luxembourg with a minimum wage of 2571 EUR," as calculated by Conotoxia fintech analysts.
In the medical sector, professionals can expect average salaries of 7-12 thousand Swiss francs per month, depending on experience and specialisation. The IT sector offers salaries between 6.5 and 12 thousand Swiss francs, while the construction and hospitality sectors offer average salaries between 4 and 7 thousand Swiss francs. However, these figures can vary depending on the region and the specific position.
Earnings in Switzerland - industry overview (1 CHF is approx. 1.02 EUR):
- Medical: doctors - 8-15k CHF
- IT: software developers - 7-12k CHF
- Construction: structural engineers - 6-9 thousand CHF
- Banking: financial analysts - 7-11 thousand CHF
- Electricians: - 5.2 thousand CHF
- Pharmacy: pharmacists - 7-10 thousand CHF
- Hospitality: hotel manager - 5-8 thousand CHF
- Education: university teachers - 6-10 thousand CHF
- Commerce: sales manager - 6.5-9.5 thousand CHF
- Logistics: logistics specialists - 5.5-8 thousand CHF
- Mechanical engineering: mechanical engineers - 6.5-9 thousand CHF
Before migrating to work in Switzerland, a thorough analysis of the employment conditions and legal regulations seems essential. For complete and up-to-date information, it is worth contacting the Swiss consulate in your country directly and, upon arrival, local institutions or organisations supporting migrants.
Living costs in Switzerland
Living in Switzerland involves high costs, which are offset by attractive salaries. Let's take a look at some of the basic expenses that Poles working in the country may face:
- Renting a flat: Rental costs are among the highest in Europe, ranging from 1,000 CHF for a small studio to 3,000 CHF and more for a larger flat in the centres of large cities. Thus, a European will spend between 1 228.68 to 3 073.20 EUR for an apartment.
- Fees: Standard housing fees, including utilities such as electricity, water and heating, can range from 150 to 250 CHF per month.
- Food: The average cost of groceries for the home can oscillate between 600-800 CHF per month.
- Transport: Public transport is convenient and well organised, with a monthly public transport subscription costing around 70-100 CHF.
- Health insurance: It is compulsory; the minimum insurance coverage is around 250 CHF per month, but it can be higher depending on options and coverage.
"These figures show that the cost of living can be a significant part of the budget. The analysis of the financial viability of the trip seems all the more justified if it is linked to the support of loved ones in their home countries, and we plan to send them money regularly, e.g. via money transfers (global transfers)," Conotoxia experts note.
Practical advice for those setting off to work in Switzerland
Working in Switzerland requires professional preparation, knowledge of regulations and procedures, and a practical approach to planning daily life. What should you bear in mind?
- Check visa and residence requirements: Although Switzerland is not part of the European Union, it is part of the Schengen area. Citizens of the European Union (except Croatian citizens, for whom a 10-year transition period applies) have freedom of movement in Switzerland. They may reside and carry out gainful activity in Switzerland for three months without a permit, provided that they notify the municipality where they reside. If the activity lasts longer than three months, they must additionally apply for a residence permit. Information on employment in Switzerland can be found at www.eda.admin.ch.
- Understand the tax system: Make sure you understand how taxes work. In Switzerland, taxes are levied at federal, cantonal and municipal levels, which can be complicated for newcomers.
- Plan your health insurance: Take care of this immediately after your arrival to avoid the high cost of unplanned medical care.
- Find out more about the pension system: Consider how working in Switzerland will affect your future pension and what steps you can take to secure it. Remember to check how you can transfer your pension contributions to your home country if you plan to return there one day.
- Plan your budget and living costs: You will undoubtedly need some cash to get started. However, you will find it best to handle most fees and expenses online. A multi-currency card seems to be the optimal solution to make managing your finances easier and avoid additional exchange costs. You can use it to pay directly in francs, with no currency conversion costs.