Top management rake in ever-bigger salaries

With the exception of the banking sector, salaries for top management increased by seven per cent last year, while employees' pay went up by only 2.7 per cent.

This content was published on June 3, 2008 minutes

According to a survey carried out by the Unia trade union, company chief executives earned on average SFr2.8 million ($2.71 million) in 2007.

"As for the bank bosses, they still figure among the best paid despite the subprime crisis and their very poor management performances," said Unia economist Hans Baumann.

Top management in Swiss banks earn on average 143 times more than entry-level employees, the survey of the country's 42 largest companies found.

Credit Suisse led the pack in 2007 paying its directors more than SFr14 million each, while UBS was in third place after Roche with remuneration packages of SFr8.5 million a head.

Women remain a minority at top management level, making up just 6 per cent of the 42 companies surveyed. Retailers Migros and Coop bump up the average with 22 per cent and 33 per cent female representation on their boards respectively.

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