Switzerland’s ageing population is undermining the future financial health of its state pension system, a challenge facing much of the world. A number of Swiss politicians believe later retirement is the only way to meaningfully confront the issue. Andri Silberschmidt, a member of the PLR/FDP in Zurich, along with others, has launched an initiative to […]
UBS gets 9 billion franc government guarantee for Credit Suisse deal
On 9 June 2023, UBS closed a deal with the Swiss government to cover 9 billion francs of potential losses it could incur from its takeover of Credit Suisse Group, reported Bloomberg. The guarantee relates to a specific portfolio of Credit Suisse’s assets currently valued at CHF 44 billion, equivalent to roughly 3% of the […]
Inflation returns to Switzerland in May
Data published by the Federal Statistical Office on 5 June 2023 shows inflation was 0.3% over the month of May 2023, an annualised rate of 3.6%. The 0.3% rise in prices in May follows zero inflation in April 2023. Across the 12 months up until the end of May, inflation was 2.3%, compared to 2.7% […]
No cost-of-living pay rise for Swiss parliamentarians
A 2.5% pay increase for Swiss parliamentarians to compensate for inflation was rejected this week by the Council of States, Switzerland’s upper house or senate, reported SRF. In Switzerland, working as a member of parliament is a part time job, typically occupying 60% to 80% of an individual’s working hours. On average they are paid […]
Switzerland’s rent rate rises paving way for rent hikes
Four times a year the rate of interest used to set the rents in Switzerland is reviewed. If the aggregate average mortgage rate goes down some renters can request lower rent. If it goes up some landlords can raise rents. This time the rate rose from 1.25% to 1.50%. Higher rents are likely to follow. […]
Job growth continues in Switzerland
Figures published by Switzerland’s Federal Statistical Office (FSO) on 26 May 2023 show continued growth in the number of jobs in Switzerland. At the end of the first quarter of 2023, total employment was 2.2% higher than a year earlier and 0.6% higher than at the end of 2022. Companies in Switzerland reported a total […]
Price of generic drugs close to double in Switzerland
On 17 May 2023, Interpharma and Santésuisse published their annual report showing drug price comparisons across Europe. The good news is the drug price gap between Switzerland and its neighbours has narrowed. The extra paid for on-patent drugs in Switzerland is now 5.4% on average. However, the price premium paid for generic (+45.5%) and biosimilar […]
Proposal for budget Swiss health insurance
Last weekend, the PLR/FDP unveiled a plan to create a budget low cost health insurance option in Switzerland, reported RTS. The proposal, which includes lower cost ways of delivering healthcare, will be presented to parliament next month. Examples of ways to lower costs include limiting the choice of hospital and sharing hospital rooms with more […]
Switzerland needs to be able to recharge 2.8 million vehicles
This week, the Swiss Federal Office of Energy (SFOE) published its predictions and ambitions for electric transport infrastructure. By 2035, SFOE expects more than half of all passenger cars in Switzerland to be electric. This means the country has around 12 years to complete its charging infrastructure, it said. The SFOE study estimates there will […]
One day off work costs Switzerland 350 million francs
Last week, Switzerland’s federal parliament voted in favour of adding an annual public holiday to celebrate democracy. This week, the State Secretariat for Economic Affairs (SECO), said the extra day off would cost the economy CHF 350 million, reported RTS. The CHF 350 million sum was calculated by comparing the GDP in years when Christmas […]
