According to the latest report by the U.S. Department of the Treasury released this week, Switzerland is no longer defined as a currency manipulator, a status it has held for some time. To be classified as a currency manipulator by the U.S. Treasury a nation has to fulfil three criteria. It has to have a […]
Two Swiss cities remain in top 10 most expensive globally
The latest Economist Intelligence Unit (EIU) survey of the prices of 200 goods and services in 173 cities placed both Geneva and Zurich in the top 10 most expensive cities in 2021. Overall, the cost of living across these 173 cities has risen by an average of 3.5%, the highest inflation seen in the last […]
Average Swiss household income reaches nearly 115,000 francs
The gross mean household income in Switzerland was CHF 114,984 (US$ 125,000) in 2019, according to the Federal Statistical Office (FSO). Overall, 40% of households in Switzerland had income over this mean while 60% brought in less. 73% of this income came from working, 23% came from pensions, welfare and household transfers such as alimony, […]
Swiss Federal Council rejects two votes on pension reform
This week, the Federal Council rejected two very different initiatives aimed at changing the state pension system. In common with much of the developed world, Switzerland is facing a large gap between the money required to fund state pensions and the money flowing in to pay for them, a challenge driven by increasing life expectancy, […]
Swiss franc highest against Euro since July 2015
On 19 November 2021, the Euro went below 1.05 Swiss francs, the lowest it has been since July 2015. The Swiss franc is viewed as a safe haven currency and tends to rise when markets are bearish. However, this week the shift in exchange rate may have had more to do with the situation in […]
Deadline for changing Swiss health insurance approaching
Once a year it is possible to (easily) change your health insurance in Switzerland. To do so you must cancel your existing policy by 30 November, a date fast approaching. Deadline for annual changes is 30 NovemberInsurers must tell their members what next year’s premiums will be by 31 October. Members then have until 30 […]
People working less in Switzerland
The amount of time spent working in Switzerland has been steadily declining since 2010, according to recent statistics from the Federal Statistical Office (FSO). In 2020, an employed person worked an average of 1,495 hours a year in Switzerland, 7.2% or 13.8 days less than in 2010. To reveal the sharp drop in work hours […]
Levelling up – the cantons giving and taking in 2022
In 2022, under the national financial equalisation mechanism, 6 cantons will transfer some of their tax revenue to Switzerland’s 20 other cantons. Switzerland’s cantons have very different tax bases, costs and tax rates. Taxes in Switzerland are comprised of federal taxes, cantonal taxes and municipal taxes. Federal taxes are the same across all of Switzerland. […]
Lights out – Geneva to cut lights to save electricity
This week, the government of the canton of Geneva changed a law to require non residential buildings, with some exceptions, to switch off their lights at night between 1am and 6am. Thursday’s parliamentary vote in favour of the move is expected to cut the canton’s electricity consumption by at least 1%. During parts of winter, […]
Switzerland’s fastest and slowest growth cantons
This week, Switzerland’s Federal Statistical Office published the latest cantonal GDP figures. Switzerland’s overall GDP growth in 2019 was 1.2%. However there were wide cantonal differences. The six fastest growing cantons in 2019 were Obwalden (+3.5%), Glarus (+3.2%), Zug (+2.7%), Basel-City (+2.6%), Luzern (+2.6%) and Valais (+2.5%). At the other end of the spectrum were […]
