On 16 June 2022, the Swiss National Bank (SNB) surprised markets with a 50 basis point rise to its policy rate. The move marks the first time Switzerland’s central bank has raised rates since 2007. Aimed at taming inflation, the announcement led to a 2% jump in value of the Swiss franc against the Euro […]
Switzerland adopts latest round of EU sanctions against Russia
On 10 June 2022, Switzerland’s government adopted the latest set of EU sanctions against Russia and Belarus, including an embargo on crude oil and certain refined petroleum imports from Russia. The sanctions are the sixth package and were adopted by the EU on 3 June 2022. An embargo on oil imports from Russia by sea […]
Swiss minister calls on unions to negotiate pay rises
As the cost of living rises in Switzerland some are calling for pay increases. Guy Parmelin, Switzerland’s economics and education minister, says it is the responsibility of unions to negotiate pay rises, reports RTS. In an interview with the newspaper SonntagsBlick, Parmelin said it’s up to unions to negotiate wage rises. The government should not […]
SWISS repays Covid government guaranteed loans early
On 9 June 2022, Switzerland’s government announced that SWISS had repaid the loans the Confederation had guaranteed at the end of May 2022, ending the arrangement with no loss of public funds. After the Covid-19 pandemic severely impacted the aviation industry, Switzerland’s Federal Council decided in spring 2020 to provide support in the form of […]
Swiss salaries shrink for men and rise for women in 2021
Overall, in 2021, Swiss salaries shrunk by 0.2% in nominal terms and by 0.8% in real terms, given an annual rate of inflation of 0.6% across the year, reported the Federal Statistical Office (FSO) this week. However, when broken down, women saw an overall increase in pay of 0.6% while men on average saw pay […]
Swiss government changes solar electricity rules
On 2 June 2022, Switzerland’s parliament adopted two motions to accelerate the adoption of solar panels. The first motion aimed to allow private individuals to earn better returns on the electricity they produce. Under the proposal they would be able to sell electricity to other individuals, municipalities and cantons without paying heavy network charges. 140 […]
Swiss government to ease personal bankruptcy rules
Rules related to personal bankruptcy in Switzerland are tough compared to many countries. In effect, they give heavily indebted individuals breathing space rather than a clean slate. This week, Switzerland’s government put forward a plan to soften the rules. To initiate personal bankruptcy proceedings (technically insolvency proceedings) in Switzerland requires funds of around CHF 5,000 […]
Swiss unemployment drops sharply in first quarter of 2022
During the first quarter of 2022 the number of people employed in Switzerland rose by 1.7% and the unemployment rate, as defined by the International Labor Organisation (ILO) fell from 5.8% to 4.6%. In addition, the average number of hours worked by those employed rose by 2.8%. The overall rate of unemployment in Switzerland by […]
Swiss inflation rises further in May 2022
On 2 June 2022, Switzerland’s Federal Statistical Office (FSO) published May inflation data, which show prices 2.9% higher than one year ago. Switzerland’s consumer price index (CPI) increased by 0.7% in May 2022 compared with the previous month. Inflation was +2.9% compared with the same month of the previous year. Inflation in Switzerland is currently […]
Migros launches 10% deposit home loans in Switzerland
Buying a home in Switzerland is difficult. Homes are expensive and lending is typically restricted to those with a 20% deposit and significant income. Migros Bank, an offshoot of the Swiss supermarket, recently launched a product that reduces the deposit requirement to 10%. Migros bank has launched the new product under the brand Cactous. According […]
