Every quarter, Switzerland publishes updated spending forecasts for the current year. On 25 October 2023, it raised the 2023 spending forecast by CHF 300 million to 81.6 billion, an increase of 0.4% on the previous quarter, but still below the original budget. The revision takes the ordinary budget deficit from an original CHF -700 million […]
Swiss train fares hike due to government pressure reveal documents
Train and other public transport fares in Switzerland are set to rise 3.7% on average from 10 December 2023. This week it was revealed that the hike was pushed by the federal government, reported Swiss broadcaster SRF. The decision to increase fares came after the federal government put pressure on Swiss Rail to push the […]
Rent disputes multiply in French-speaking Switzerland
The costs of mortgages and building maintenance are rising. Rents are following. In French-speaking Switzerland tenant arbitration organisations are receiving a deluge of complaints and requests for help from tenants, reported RTS. In Switzerland, it is common for rental agreements to contain a clause that allows rents to be adjusted up or down based on […]
Swiss National Bank holds interest rates at current level
This week, the Swiss National Bank (SNB) surprised many investors by leaving its benchmark interest rate on hold at 1.75%. The decision to hold mirrors decisions this week by the US Fed and Bank of England not to raise rates. By contrast Norway and Sweden lifted rates this week. In addition, like central bankers in […]
Swiss may get to vote on whether to nationalise UBS
A popular initiative has been launched in Switzerland to vote on partially nationalising the UBS Group. For a popular initiative to reach the voting stage 100,000 signatures need to be collected within 18 months. The banks initiative aims to change the Swiss constitution to require large banks and insurance companies of systemic importance to be […]
Swiss workers report fewer health risks compared to rest of Europe
A recently published survey shows 23% of employees in Switzerland reported a risk to safety or health due to their work in 2021, compared to a European average of 34%. In 2021, 23% of employees in Switzerland identified a risk to safety or health due to their work. The rate across Europe this was significantly […]
Credit Suisse layoffs to hit thousands of workers
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 […]
