Upward pressure on prices continues in Switzerland. Recently published data show annual inflation rising to 3.3% to the end of January 2023, up from 2.8% at the end of 2022. Public sector workers in parts of Switzerland have been demanding salary increases. In Vaud they have been demanding indexation. Looking back across a longer period […]
Swiss government confirms first underlying deficit since 2005
On 15 February 2023, Switzerland’s federal government published finalised figures showing it spent CHF 4.3 billion more than it received in 2022. Excluding extraordinary expenses related to the Covid pandemic left an underlying operating deficit of CHF 1.9 billion, the first shortfall of this kind since 2005. Switzerland’s federal government is required to operate under […]
Migros Bank to end nighttime cash withdrawals after spate of bank machine attacks
After a rising number of attacks on cash machines across Switzerland, Migros Bank has decided it will probably close all of its machines overnight, reported RTS. Last year, at least 38 cash dispensing machines were blown up and robbed across Switzerland. The most recent attack at the end of January 2023 was on a machine […]
Reservations on Booking.com can cost 50% more in Switzerland
Since 1 December 2022, contracts that online platforms often get hotels to sign to stop them offering prices lower than those offered via the platform are no longer legally enforceable in Switzerland due to a change in law. This week, broadcaster RTS published the results of a market test it performed to see if the […]
Record number of recreation-related accidents in Switzerland in 2022
Accident insurer Suva recorded a record number of recreation-related accidents in 2022, reported RTS. Suva, a not-for-profit insurance company in Switzerland, insures around 2 million individuals in Switzerland every year. In 2022, it recorded around 290,000 non-work related accidents, a record figure, 14% higher than in 2021 and 4% higher than before the pandemic in […]
Unclaimed Swiss pensions reach 5.6 billion in 2022
When workers in Switzerland change employers they typically take their salary-based pensions with them. However, if they leave the country without making any pension transfer arrangements, after six months, their pension money ends up with the Substitute Occupational Benefit Institution, a kind of backstop holding place for forgotten pensions. At the the end of 2022, […]
Retirement at 68.2 to cover Swiss pension shortfall, says UBS
Swiss resident’s are regularly reminded of the large financial gap is Switzerland’s state pension system. Despite this, several attempts at reform have failed to gain sufficient support. Those that have still leave a large shortfall. On 24 January 2023, UBS published four additional reform scenarios. Only the fourth, with a life expectancy adjusted retirement age […]
Swiss government aims to cut 2 billion from 2024 budget
Like many governments across the world, Switzerland’s federal government is spending more than it collects. Extraordinary spending on Covid and refugees has pushed Switzerland’s finances into the red, a situation Karin Keller-Sutter, the current finance minister, hopes to eliminate by 2024. During its meeting on 25 January 2023, the Federal Council made preliminary decisions to […]
Professional training boosts pay by 46% in Switzerland
Switzerland offers workers the possibility of obtaining professional qualifications while working. Around 27,500 people graduate from these federally recognised higher vocational education programmes every year. Six years after graduating from these programmes the median income for a full-time job is about CHF 7,800 per month, compared with the CHF 5,300 received five years before obtaining […]
Electricity prices could rise more in 2024, suggests head of Swiss regulator
At a meeting in Bern on 19 January 2023, Werner Luginbühl, the head of Elcom, Switzerland’s electricity regulator, called on the sector to be careful to manage consumer expectations, reported RTS. According to Luginbühl, many consumers are confused by Switzerland’s rising electricity prices. Some think the electricity consumed in Switzerland comes from hydro and nuclear […]
