Starting your career? Switzerland offers the highest entry-level salaries in Europe
British millennials entering the labour market who are chasing the most cash possible might be best advised to up sticks and move to Switzerland, according to data to be published today.
The median salary for entry-level professional jobs in Switzerland, at £68,959, is almost three times the size of the equivalent in the UK, at 26,000, according to analysis by financial services giant Willis Towers Watson.
UK salaries for people starting their careers in a profession come in only 14th across Europe in sterling terms, albeit thanks in part to the weakness of the currency.
Read more: Hospitality industry reports rising salary pressure for temporary workers
In terms of relative buying power, taking into account tax rates and living costs, the UK comes in eighth, although pay is still almost £20,000 less than in Switzerland.
Yet by the time Britons reach middle management they quickly climb up the ranks, to 10th in Europe in gross terms and fourth in purchasing power terms.
Tom Hellier, UK practice lead for rewards at Willis Towers Watson, said: “Although dependent on prevailing exchange rates, this data shows that from a cost perspective the UK remains relatively attractive for business compared with European peers.
“However, staying open to talented workers with fast-growing emerging economies will be critical to realising the UK’s long-term growth potential and employers also need to be mindful of the total package; for example in some countries such as the UK, annual bonuses play a more prominent role in addition to base pay.”
Where to go for a well paid starting job?
Entry Level
rank
Middle Manager
rank
Switzerland
68959
1
125890
1
Denmark
45194
2
85038
3
Norway
42822
3
73044
8
Germany
40650
4
85261
2
Luxembourg
39957
5
82540
4
Belgium
36550
6
74666
7
Austria
35863
7
75696
5
Netherlands
34155
8
74714
6
Sweden
33814
9
63202
12
Finland
33202
10
59904
14
Ireland
30739
11
72580
9
France
30031
12
66140
11
Italy
26459
13
59247
15
United Kingdom
26000
14
69480
10
Spain
23061
15
60198
13
Slovenia
21094
16
55564
17
Greece
18023
17
57386
16
Portugal
16229
18
46192
18
Czech Republic
12981
19
38899
19
Slovakia
12628
20
35239
21
Poland
11628
21
37011
20
Base salaries for new starters lag European peers, although in purchasing power terms they are slightly better (Source: Willis Towers Watson)