After being hit hard by the pandemic, Swiss Rail is looking for ways to encourage greater use of its network. This week it announced a new kind of pass that should be available towards the end of 2023, reported 20 Minutes. The “Public transport credit” pass or “Credit TP” pass will allow travellers to buy […]
Swiss state pensions to get a boost in 2023
On 12 October 2022, Switzerland’s Federal Council announced an increase in state pensions from 1 January 2023 by 2.5%. The minimum pension with rise from CHF 1,195 to CHF 1,225 per month, while the maximum amount will rise from CHF 2,390 to CHF 2,450 (US$ 2,450). The amount paid in state pension in Switzerland is […]
Switzerland expects government surplus in 2022 and lower public debt from 2023
After a roughly CHF 40 billion blow to Swiss public finances due to the Covid pandemic, Switzerland’s financial outlook is beginning to look positive, according to a recent government press release. Figures from the Federal Finance Administration (FFA) forecast a surplus of CHF 1.5 billion in 2022, an amount equivalent to 0.2% of GDP. In […]
Numerous Swiss health insurance price comparison sites misleading
Ahead of deciding on where best to insure in 2023 numerous websites claim to offer reliable health insurance comparison tools. However, many cannot be trusted, according to a report by RTS. Nine out the 16 websites reviewed by a consumer advocacy association failed the test. The nine failing sites offered no product comparison. Instead they […]
Inflation turns negative in Switzerland in September
In September 2022, Switzerland’s consumer price index (CPI) fell by 0.2% compared with the previous month, according to data from Switzerland’s Federal Statistical Office (FSO). The 0.2% month-on-month fall was due to falling prices for fuels, heating oil, hotels and related accommodation. Falls in the prices of these items were offset by higher clothing and […]
Switzerland to destroy 10 million doses of Covid vaccine
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 […]
