Consumer sentiment among Swiss households is improving, according to Switzerland’s economic affairs office (SECO). In April 2021, the consumer sentiment index climbed back to -7 points after reaching a low of -40 in early 2020. The level of -7 is close to the pre-crisis level of early 2020 and close to its long term average […]
Short expiry notice for Swiss banknotes sparks criticism
Last Wednesday, the Swiss National Bank (SNB) announced that old Swiss banknotes would no longer be legal tender from Friday, 30 April 2021. The short notice period has generated complaints and confusion. The eighth series of Swiss banknotes did not lose their value, however, they are no longer an accepted means of exchange. The only […]
Real Swiss salaries up most in 5 years
On 30 April 2021, Switzerland’s Federal Statistical Office released salary data for 2020 which showed a 1.5% rise in real salaries compared to 2019. In 2020, a 0.8% rise in nominal salaries was boosted by inflation of -0.7% bringing the total increase in the real average Swiss salary to 1.5%. The last time salaries rose […]
Old Swiss money no longer valid from Friday
From Friday 30 April 2021, old Swiss bank notes will no longer be legal tender. This means they can no longer be used as a valid means of payment. The notes affected are old 10, 20, 50, 100, 200 and 1,000 Swiss franc notes from the eight series pictured above. From 30 April 2021, the […]
Only 36% of Swiss own their homes
Recently published statistics show that 36% of homes are owned by those who live in them, a rate that falls to 12% in municipalities with more than 100,000 residents. Swiss municipalities with the highest rates of home ownership (37%) have between 10,000 and 15,000 residents, a rate exceeding the smallest municipalities of less than 10,000 […]
Health insurers encouraged to use reserves to cut or repay premiums
In 2020, total reserves held by Swiss health insurance companies reached CHF 11.3 billion, a level equivalent to 203% of the minimum required, according to RTS. Excess reserves jumped recently after the government cut the minimum reserve level by one third, part of a move designed to encourage health insurers to align premiums more closely […]
Switzerland books a federal deficit of 14 billion francs in 2020
On 14 April 2021, Switzerland’s federal government announced it had spent CHF 14.2 billion more that it had collected in revenue in 2020. The loss represents the federal government’s consolidated excess expenditure for the year and is linked to the consequences of the Covid-19 pandemic, according to the statement. An additional CHF 16.8 billion was […]
Minimum wage hurting young people in Swiss canton
Around three years ago, the Swiss canton of Jura introduced a minimum wage of CHF 20 an hour (US$ 21.65). Now there is political pressure relook at the move, according to RTS. A group of cantonal parliamentarians from the PDC (CVP) is pushing for a review of the situation in response to pressure from some […]
Cash makes a comeback in Switzerland during pandemic
At the beginning of the pandemic there were calls to avoid using cash for sanitary reasons. Contactless electronic payment was the recommended method of transacting. Last spring cash withdrawals from cash machines sank by 50% in Switzerland, according to the SIX Group. Across the whole of 2020, cash withdrawals from Swiss cash machines was down […]
Inflation accelerates in Switzerland in March
During 2020, average annual inflation was –0.7%, according to Switzerland’s Federal Statistical Office (FSO). Since the beginning of 2021 it has begun to rise. In January 2021 inflation was 0.1%. In February it rose to 0.2% and it March it was 0.3%. Since the end of 2020, Swiss prices have risen by nearly 0.6% (0.56%). […]
