Switzerland Also Experiences Growing Labor Shortage
A shortage of 430,000 people in the Swiss labor market is expected by 2040
After Germany, the time came for the Swiss authorities to sound the alarm. According to the latest figures from the Swiss Federal Statistical Office (FSO), more than 110,000 jobs remained unfilled at the end of 2023. For a small country of 8.77 million inhabitants, this is a very serious problem, especially since this phenomenon is destined to intensify. Business associations estimate that by 2040 there will be a shortage of “almost 430,000 people in the Swiss labor market, mainly due to demographic changes.”
According to Swiss Info news agency, the influx of young people will not be able to compensate for the so-called “baby boom” generation, which is about to retire. Other studies, such as one by the Swiss Workers Association, paint an even bleaker picture: it is estimated that by 2035, the Swiss labor market could face a shortage of almost 1.2 million people, which is about 14% of the total population.
Swiss authorities recognize that “companies will increasingly compete to attract labor.” The only hope would be immigration. But it is unsafe. “This demographic effect has been and is likely to be mitigated to some extent by immigration. In general, it is not easy to extrapolate the situation in a labor market that is constantly evolving,” said Françoise Tschanz of the State Secretariat for Economic Affairs (SECO).
