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 […]
Instant payments to start soon in Switzerland
Currently, payments between Swiss bank accounts are typically processed the following day. From 20 August 2024, Swiss banks will start to roll out instant payments within Switzerland, reported RTS. The new instant payment system will move money within 10 seconds and will operate around the clock seven days a week. In addition to speed, the […]
Pension calculation error does not change future, argues statistician
This week, an error was found in the government’s calculation of the future hole in state pension funding. While the error, which overstates the shortfall by CHF 4 billion, is substantial, it does not change the trend, according to Stéphane Rossini, head of the Federal Statistical Office (FSO), reported RTS. The CHF 4 billion error […]
Swiss hospitals lost a billion francs in 2023
Switzerland’s health system is under strain. New drugs and treatments combined with an ageing population, along with cost inflation are the main drivers. This week, KPMG published a report quantifying the hole in Switzerland’s hospital finances. Only 30% (14) of the 48 hospitals and clinics surveyed reported generating a profit. The other 70% were running […]
Calls to end bank secrecy for Swiss residents
Under international pressure, Switzerland removed banking secrecy for foreign residents in 2009. However, laws ensuring bank secrecy for residents of Switzerland remain. Some politicians are now calling for the removal of all banking secrecy laws in the hope that it will increase tax revenue, reported RTS. With Switzerland’s federal government budget in the red politicians […]
Swiss politicians discuss making patients pay larger share of medical bills
Switzerland’s system of compulsory health insurance already requires patients to pay a portion of medical bills in addition to paying premiums. To stem the rise in premiums, an old idea has resurfaced: make patients pay an even greater share of their medical costs. This week, some political parties voiced support for a higher minimum deductible, […]
Swiss electricity prices set to fall in 2025
The price of electricity is set to fall in 2025 according to a survey run by the Swiss Electricity Suppliers Association, reported RTS. As many as 75 out of 83 suppliers surveyed said they definitely or probably expect price cuts next year. Price data from 52 companies generating more than a third of Switzerland’s electricity […]
Swiss trade unions argue against pension reform
On 22 September 2024, Swiss voters will decide whether or not to accept the latest round of government reforms to employee based pensions known as the second pillar pensions. Swiss trade unions are against the reform, which reduces the annuity rate from 6.8% to 6.0%. Instead they are calling for a higher rate to compensate […]
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 […]
Switzerland’s birth rate continues to fall
The number of babies born in Switzerland fell to 80,024 in 2023, a birth rate of 1.33 per woman, reported RTS. As recently as 2021, 89,644 babies entered the world in Switzerland. Between 2021 and 2023, the number has fallen nearly 11%. In 2023, the fertility rate in Switzerland reached an historic low after trending […]
