Executives at Swiss companies continued to earn more than 200 times that of the lowest paid employees last year, a fact that threatens to further erode the public’s trust in larger corporations, warned trade union Travail.Suisse on Monday.
Travail.Suisse studied the annual reports of 27 international companies based in Switzerland and calculated the ratio between the highest and the lowest salary within the same company.
The ranking is headed by Roche Chief Executive Severin Schwan, who earned CHF15.7 million ($16.8 million) in 2012. That is 261 times more than the lowest paid employee at the Swiss pharmaceutical company earned. Second is Nestle CEO Paul Bulcke with 238 times more than his company’s lowest-paid employee, followed by ABB’s Joe Hogan with 225 times more and Novartis CEO Joseph Jimenez with 219 times more.
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Still, the Swiss union is concerned about the salary gap in Switzerland, particularly if one considers the trends.
A long-term survey showed that since 2002 the top salaries have doubled or almost tripled at companies such as Lonza, Clariant, Kuoni, Georg Fischer and Oerlikon. The lowest wages increased considerably less at these multinationals. Many of them posted financial losses in recent years. Full story...
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Travail.Suisse studied the annual reports of 27 international companies based in Switzerland and calculated the ratio between the highest and the lowest salary within the same company.
The ranking is headed by Roche Chief Executive Severin Schwan, who earned CHF15.7 million ($16.8 million) in 2012. That is 261 times more than the lowest paid employee at the Swiss pharmaceutical company earned. Second is Nestle CEO Paul Bulcke with 238 times more than his company’s lowest-paid employee, followed by ABB’s Joe Hogan with 225 times more and Novartis CEO Joseph Jimenez with 219 times more.
(...)
Still, the Swiss union is concerned about the salary gap in Switzerland, particularly if one considers the trends.
A long-term survey showed that since 2002 the top salaries have doubled or almost tripled at companies such as Lonza, Clariant, Kuoni, Georg Fischer and Oerlikon. The lowest wages increased considerably less at these multinationals. Many of them posted financial losses in recent years. Full story...
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