In March 2024, 58% of voters voted in favour of paying an additional 13th month of state pension. That triggered a fierce debate on how to fund it. This week, Switzerland’s Federal Council said it planned to fund the increase with higher VAT with no rise in salary taxes. The news was delivered by Elisabeth […]
European immigration into Switzerland rises by 29%
Data published by Switzerland’s State Secretariat for Economic Affairs (SECO) show a sharp rise in the number of people moving to Switzerland from EU/EFTA nations. In 2023, 68,000 people arrived in Switzerland from EU/EFTA countries to live, the highest number since 2008 when 72,100 arrived. The 2023 figure is 29% higher than the number of […]
Swiss housing crisis squeezing those on low incomes
Switzerland’s housing crisis is pushing low income earners into poverty, warned Caritas this week. According to the charity, high rents are pushing some low income earners into poverty. An acute shortage of housing is pushing rents beyond the level that some people can afford, forcing them to cut back on spending in other areas, said […]
Swiss inflation in May erodes case for further interest rate cut
In March 2024, as Switzerland’s month-on-month inflation rate went to zero and the annual inflation rate dipped to 1%, the Swiss National Bank (SNB) cut its key interest rate from 1.75% to 1.5%. Some expected the bank to keep cutting. However, in both April and May 2024, monthly inflation returned, making further imminent rate cuts […]
Swiss want to work less
More and more people in Switzerland want to work less, according to a study published by Swissstaffing, a placement agency umbrella organisation, reported SRF. A shortage of skilled workers is a perennial challenge in Switzerland. One potential solution is for part-time staff to work longer hours and extend retirement. However, reality is different. Swiss workers […]
Swiss unemployment falls in April
According to data from the State Secretariat for Economic Affairs (SECO), 106,957 people were registered as unemployed at the end of April 2024, 1,636 (-1.5%) fewer than the previous month, taking the rate from 2.4% to 2.3%. However, unemployment remained higher (+0.3 percentage points) than it was at the same time in 2023. At the […]
Bumper season for Swiss mountain lift companies
The recent winter season was positive for Switzerland’s mountain resort lift operators. However, the picture was mixed with low altitude resorts missing out on much of the joy, reported Switzerland’s mountain lift association this week. By the end of April 2024, the number of first-time visitors to Swiss ski areas overall was up 3% compared […]
Inflation returns to Switzerland in April
Consumer prices in Switzerland increased by 0.316% in April 2024, rising 1.4% over the previous 12 months, reported Switzerland’s Federal Statistical Office (FSO) this week. However, annualised, the monthly rate comes to 3.79%, a rate well above the Swiss National Bank’s (SNB) preferred maximum of 2%. April’s 0.3% monthly price increase was driven by several […]
Swiss National Bank profits bounce back to record level
This week, the Swiss National Bank (SNB) announced a record quarterly profit for the first quarter of 2024. The result was largely predicted after the SNB made a surprise interest rate cut, which led to a weaker Swiss Franc. Switzerland’s central bank is unusual. It is privately owned (mainly by a German citizen) but distributes […]
Swiss National Bank surprises with interest rate cut
On 21 March 2024, the Swiss National Bank (SNB) lowered its key interest rate from 1.75% to 1.5%. The move makes the SNB the first significant central bank to lower rates as inflation slows. The cut surprised many analysts and economists. The consensus expectation was for no change in the rate. Many other central banks […]
