Switzerland is to destroy more than 10 million doses of the Moderna Covid-19 vaccine, reported RTS. The 10.3 million doses of vaccine have reached their expiry date, which cannot be extended, said the government. 2.5 million doses are stored in Switzerland with further 7.8 million stored in Belgium, said the Federal Office of Public Health […]
Swiss health insurance set to rise by most since 2010
On 27 September 2022, the Swiss government published health insurance premiums for 2023. On average premiums will rise by 6.6% with large variations depending on age and where you live. The 6.6% average increase in 2023 is the fifth largest rise since Switzerland’s current system of health insurance began in 1996. The last time it […]
Swiss government increases federal tax deductions to account for inflation
Now that inflation has returned, so has bracket creep, a situation where inflation pushes taxable income into higher tax brackets and reduces the tax busting value of deductions. To compensate, Switzerland’s federal government announced higher deductions and higher tax brackets this week. From the 2023 tax year couples with two wage earners will be able […]
Chart of the week: 11% of Swiss over 64 work
More and more people 65 and older are continuing to work across the OECD. The reasons for working beyond this particular point in life vary from person to person. Labour force participation among this age group across the OECD ranges from 2.4% (Romania) to 41.7% (Indonesia). In Switzerland, the rate was 11.1% in 2020, higher […]
Swiss rate hike ends negative rates in Europe
On 22 September 2022, the Swiss National Bank (SNB) bumped its policy interest rate up by 0.75 percentage points to 0.5%. The move pushed the Swiss Franc down by around 2% against the euro. The recent hike brings Europe’s experiment with negative interest rates to a close. Only Japan now has a negative rate. The […]
Swiss to vote on government’s pension reform plan
Across much of the developed world pension finances are getting squeezed as populations age, baby boomers in particular. Switzerland’s government has a reform plan. However, some who don’t like it called a referendum to oppose it. Arguments for and against the changes are being aired before a vote on 25 September 2022. The proposed changes, […]
Sharp rise in Swiss health premiums inevitable, says association
This week, less than a month before next year’s health insurance premiums are unveiled, santésuisse, a health insurance association, warned of unusually high hikes in the cost of Switzerland’s compulsory health insurance for 2023, reported RTS. Healthcare costs rose 6.4% in 2021 and are expected to rise 4% in 2022 and 2023, said santésuisse in […]
Swiss electricity prices to rise as much as 280% in 2023
Next year, average electricity prices in Switzerland are set to rise 27% with significant difference depending on where you live, reported RTS. In 2023, an average household consuming 4,500 kWh a year will pay an extra CHF 261 a year for their electricity. However, there will be big differences depending on where you are. In […]
Swiss government launches energy saving campaign
On 31 August 2022, Switzerland’s federal government launched its campaign to cut energy consumption to reduce the risks of an energy shortfall over the coming winter. The government stressed that there was currently no energy shortfall. However, Simonetta Sommaruga, the minister in charge of energy, said it was important to cut energy consumption to avoid […]
Swiss inflation up slightly in August 2022
Figures published by Switzerland’s Federal Statistical Office (FSO) on 2 September 2022 show annual inflation running at 3.5% in August, up from 3.4% in July. Switzerland’s consumer price index (CPI) was up slightly in August 2022 compared with the previous month, and 3.5% higher compared with the same month of the previous year, said FSO. […]
