The coronavirus could cost Switzerland CHF 40 billion by the end of 2020, according to the Federal Council. On 11 June 2020, the Council of States, Switzerland’s upper house followed parliament in approving to extend the coronavirus budget by CHF 14.9 billion. The sum includes money to fund a hole in the unemployment benefits system […]
Swiss employer must pay employee’s rent, rules court
Switzerland’s highest court recently decided that an employee asked to work at home can claim a part of their rent from their employer, according to the newspaper 20 Minutes. An employee of a financial firm in Zurich, who got into a disagreement with their employer over the reimbursement of some of their rent, took their […]
Coronavirus: drop in revenue could leave Swiss hospitals with 3 billion loss
In Switzerland, the finances of hospitals are similar to those of a business. If revenues fall, as they did during the coronavirus pandemic, profits can turn into losses. During the recent phase of the pandemic, non-urgent operations were postponed to free up hospital capacity to care for serious Covid-19 cases. Postponing these operations has left […]
Swiss central bank could take negative rates lower
The rate on deposits at the Swiss National Bank (SNB) is currently -0.75%. And while taking the rate further into negative territory is not the base case scenario, it cannot be excluded, according to some economists at the bank UBS. The probability that the SNB lowers rates further is not a base scenario, according to […]
Swiss consumer sentiment at historic low, according to government survey
Consumer sentiment in Switzerland in April 2020 reached a historic low. The coronavirus has dampened expectations for general economic development and employment and the population is bracing itself for tough financial times, according to the survey. Swiss consumer sentiment fell from −9 points in January 2020 to −39 points in April 2020, a level well […]
Unemployment up sharply in April in Switzerland
The unemployment rate in Switzerland rose to 3.3% in April 2020, up from 2.9% the month before, a rise of nearly 14%. By 30 April 2020, there were 153,413 people registered as unemployed at Switzerland’s regional placement offices. Young workers were the hardest hit. Unemployment among those aged 15 to 24 rose by 18.1% compared […]
Coop and Migros: customers required to queue
Coop and Migros, Switzerland’s two largest supermarkets have decided to limit the number of people entering their stores, creating queues outside, according to RTS. To reduce the spread of Covid-19, shopper density has been reduced to one person per 10 m2, which drastically reduces the number of people allowed inside simultaneously. In addition, shopping in […]
Swiss National Bank to distribute 4 billion francs of profit
In 2019, the Swiss National Bank (SNB) made a profit of around CHF 49 billion. These profits came mainly from the rising value of the assets on the bank’s balance sheet. In 2019, the value of its holdings of foreign currency and gold rose substantially. When combined with interest, dividend income and gains on shares […]
Potential relief for some Swiss renters
Every three months the rate of interest used to benchmark Swiss rents is reviewed. If it goes down some renters have the right to request a decrease in rent. This time the reference rate fell from 1.50% to 1.25%. The last time it dropped was 2 June 2017 when it fell to 1.5%. The rate […]
Close to one fifth of households in Switzerland behind on debt payments
In 2017, 18.9% of Switzerland’s population lived in a household with outstanding debt repayments, a percentage that has rose from 17.7% over the proceeding 4 years. The most common forms of outstanding debts were taxes, health insurance premiums and phone bills. 9.9% of households had outstanding tax payments, 7.3% owed health insurance money and 5.2% […]
