The rushed sale and merger of Credit Suisse into UBS is set to involve around 3,000 layoffs, mainly in the Zurich region, announced UBS this week. The large number of resulting jobseekers in a single industry is likely to make the job search difficult for those losing their jobs. The mood in at the Uetlihof […]
Demand for workers pushes up EU migration to Switzerland
Over the first half of 2023, the number of foreign residents in Switzerland rose by 47,200. Most came from the EU to work, show recently published statistics. After deducting the number of people leaving Switzerland, a net 9,384 people were added to the resident population during the first half of 2023. Much of the movement […]
Swiss unions demands 4% pay hike
The Swiss union association Travail.Suisse is demanding salary increases of between 3.5% and 4.5%, depending on the sector, for all workers reported RTS. The organisation argues that the demanded hike is justified as a way to keep salaries aligned with cost of living increases and rising productivity. It says that costs such as healthcare and […]
Demand for Emmental cheese falls sharply
In 2012, Switzerland produced close to 27,000 tons of Emmental, its famous holey cheese. By 2022, production had fallen to below 15,000 tons, a fall of around 45%, according to reports from the industry association representing the brand. The force behind lower production is lower demand. The cheese is coming under increasing pressure on the […]
Fury at UBS ending government guarantee for Credit Suisse deal
On 11 August 2023, UBS announced it had ended the contract it had with Switzerland’s federal government that guaranteed CHF 9 billion of potential losses. The contract also required the Swiss National Bank (SNB) to provide liquidity assistance loans of up to CHF 100 billion. All loans from the SNB have now been repaid. The […]
Swiss fact: VELCRO® fasteners, popularised by NASA, were invented in Switzerland
In 1941, George de Mestral, while hunting in the Jura, with his son and dogs, noticed how the plant burdock stuck with microscopic hooks to his trousers and to the ears of one of his dogs. Fifteen years later the strong-willed Vaud handy man had turned his observation into something that would become a household name. He carried […]
Strong opposition to any toll for Gotthard tunnel
The government of the canton of Ticino is strongly opposed to tolls for the Gotthard road tunnel, reported RTS this week. The idea of charging a toll for the highly congested Gotthard tunnel linking Ticino, which lies south of the Alps, to the rest of Switzerland, has been discussed for some time. In a public […]
Swiss Post announces higher prices
This week, Swiss Post announced it would increase the cost of sending letters and parcels from the beginning of 2024. At the beginning of 2024, nearly everything is set to rise in price as the Swiss VAT rate jumps from 7.7% to 8%. In addition, more and more companies are joining the party, pushing up […]
Swiss government approves blow out budget for 2024
On 28 June 2023, Switzerland’s Federal Council approved a budget for 2024 with a deficit of CHF 6.7 billion. Switzerland’s constitution includes a section designed to constrain spending to prevent the government from living beyond its means. The debt brake, as it is known, allows a limited degree of annual overspending that is expected to […]
Swiss government set to approve more favourable tax treatment for companies
On 28 June 2023, parliament agreed to extend the loss offsetting period for Swiss companies. In Switzerland, any losses made by companies can be offset against future profits for a limited period of time. Currently, the period is seven years. This week parliament agreed to extend this period to 10 years. Any losses generated in […]