Currently, across EU and EFTA countries, unemployment benefits are paid by the country of residence. Last week, the EU announced plans to make the country of employment pay unemployment benefits instead. This change could be costly for Swiss cantons with large numbers of cross-border workers, workers who live in the EU but work in Switzerland. […]
Nearly 1 in 20 in Switzerland is a millionaire, according wealth to report
The 2017, a wealth report, published by Capgemini, shows there were 389,000 US$ millionaires in Switzerland, around 4.5% of the population, or close to 1 in 20. If children under the age of 15 are excluded, Switzerland’s millionaire percentage rises to 7.3%. In addition, these figures include only investable wealth, which does not include the […]
Swiss residential property risks grow in buy-to-let, according to Swiss National Bank
On 21 June 2018, the Swiss National Bank (SNB) announced its decision on interest rates, which it left unchanged. Switzerland’s economy has been sailing into the headwinds of a strong currency since the SNB scrapped its exchange rate cap in January 2015 and the Swiss franc briefly went beyond parity with the euro. To weaken […]
Swiss offshore wealth management sector still world’s largest by far
A report by The Boston Consulting Group highlights the size of Switzerland’s personal offshore wealth management sector. Total personal offshore wealth grew by 6% to reach US$8.2 trillion in 2017. US$2.3 trillion (28%) of this was managed in Switzerland. The top three offshore centres: Switzerland ($2.3 trillion), Hong Kong ($1.1 trillion) and Singapore ($0.9 trillion) […]
Switzerland’s parliament narrowly votes for women’s quotas on company boards
Yesterday, Switzerland’s National Council, or parliament, voted 95 to 94, with 3 abstentions, to introduce quotas for the management and boards of quoted companies. Boards will be required to have 30% women and management teams 20%. The rules could affect 250 companies. At the same time the quotas will not come with sanctions. Companies would […]
Switzerland’s PostBus scandal – entire management team suspended
PostBus, the nation’s postal bus service, receives government aid based on its financial performance. With around 2,200 bright yellow buses operating on around 900 routes, it forms an important part of Switzerland’s transport network and employs around 4,000 people. However, not long after the private PostBus company was created in 2006, it started manipulating its […]
Vaud plans tax cuts
Last week, Vaud’s government announced a plan for future tax cuts. The residents of Vaud are among the highest taxed in Switzerland. In 2016, a single person in Lausanne earning CHF 100,000 paid CHF 16,050 in cantonal and communal tax on top of CHF 1,840 of federal tax. This was the fourth highest across all […]
Swiss unemployment continues to fall
The number of registered unemployed in Switzerland dropped by 9% in May 2018 to a rate of 2.4%, down from 2.7% in April, according to a report by the State Secretariat for Economic Affairs (SECO). The rate in May 2018 was 22% lower than in May 2017. Switzerland’s unemployment hasn’t been this low since 2008. […]
Nestlé plans to move 580 jobs out of Switzerland
Last week, Nestlé announced plans to cut its Swiss workforce by 580. The plans involve restructuring its IT department, with a focus on extending its technology hub in Spain. Over the next 18 months, this re-organization could lead to a reduction of up to 500 IT positions in Switzerland, said the company. A source close […]
Not long ago most people over 65 were working
Universal retirement at a set age is a relatively modern concept. In 1900, 54% of French and 58% of Germans over 65 were working, according data presented by Dr. Marco Salvi of the Swiss think tank Avenir Suisse. In some countries, such as the US, Japan and Iceland, there were relatively high numbers of older […]
