Blick analyzes UBS boss’s salary: Ermotti earns as much daily as half of Switzerland earns annually

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Sergio Ermotti’s (63) salary was transferred to Switzerland: the boss of UBS earned an impressive 14.4 million francs during his 9 months at the head of a large local bank. In addition to his fixed salary of 2.1 million, he also has a total bonus of 12.3 million.

How does Ermotti’s 14.4 million francs relate to the wage of the normal population? So how much does the UBS boss take with him on his coffee break? Blick brings you interesting facts about the mega fee.

Ermotti had to work nearly 180 days last year to earn his salary; no days off, weekends off. The UBS boss earned around 80,000 francs for a day in the office (or home office). This corresponds almost exactly to the Swiss average wage, which the Federal Statistical Office reports as 81,456 francs for 2022. In other words: the UBS boss earns more than 50 percent of the local population every day.

Ermotti’s working days are certainly long. On average, he will spend about twelve hours “ironing” his UBS. This results in an hourly wage of almost 6,700 francs; This, incidentally, almost corresponds to the average monthly wage in Switzerland of 6,788 francs. Based on this assumption, the following thought game emerges: If he takes the Interregio from his home in Zug to Zurich and turns on his work laptop, he will already have earned a good 2,300 francs for the 21-minute train ride. After three runs on the way to the Paradeplatz in Zurich, he has already won the annual GA – 1st class of course.

However, traveling by train is for proletarians. Ermotti can put Ferrari’s real monster, the SF90 Stradale, in his garage for 620,000 francs with 1.5 weeks’ work wage. If Ferrari chooses the F8 Tributo, it will be able to buy almost two horsepower Italian cars a week. And if this luxury is not enough: Ermotti can hire a private chauffeur for the whole year with just one additional working day.

Even if you are the CEO of Switzerland’s largest bank, you have to take two five-minute coffee breaks every day. These ten minutes add a good 1,100 francs to the UBS CEO’s account; This means 550 francs per coffee break. In return, Ermotti can at least treat himself to a night at the 5-star temple The Chedi Andermatt in the canton of Uri.

In the tax haven of Zug, people are probably happy with Ermotti’s huge salary, as it brings a considerable amount into state coffers. When we subtract the 300,000 francs he allocated to his retirement plan, his salary increases to 14.1 million francs. According to the Federal Tax Administration’s tax calculator, the municipality pays around 500,000 francs in income tax. The canton of Zug pockets an additional 800,000 francs. The federal government collects almost 1.5 million francs in taxes.

Ermotti would have faced a higher tax bill if he still lived in his hometown of Lugano. The city and canton together will demand almost 3.4 million francs.

Real estate is always a safe investment. Ermotti would need to save two months for a new, custom house in Zugerberg with lake views and almost 200 square meters of living space. And maybe there should be a holiday accommodation in the mountains? St. He would have to tighten his belt for six weeks to be able to buy a modest luxury apartment, equipped with designer furniture and measuring just under 100 square metres, in St. Moritz GR for 2.5 million. With 14.4 million francs, the UBS boss doesn’t need to ask questions internally about the mortgage.

Ermotti will be 64 years old on May 11. Therefore, he would have to work for a year or so before reaching the legal retirement age. The UBS boss has already announced that he wants to remain at the helm of Switzerland’s largest bank until at least 2026. This means Ermotti will continue to be well-paid for years to come; but this will no longer be necessary. If Ermotti reaches 81.6, the average age of the Swiss population, he will now be able to spend as much as 2,200 francs a day. Even if he turns 90, he will still be on over 1,500 francs a day.

Source :Blick