Next year the canton of Geneva plans to spend CHF 9,143 million. However, forecast revenue is only CHF 8,553 million, leaving a shortfall of CHF 590 million, according to a cantonal government press release. The canton’s finances have been hit hard from both sides. Costs will rise significantly, mainly due to the bailout of the […]
Swiss upper house rejects parental leave plan
Switzerland’s government been grappling with the politics of extending universal tax-funded parental leave for a number of years. Some are pushing for paternity leave for fathers and others for a shared pool of parental leave, which mums and dads can apportion. There is also a popular vote working its way through the system which aims […]
Switzerland faces looming shortage of workers
As more baby-boomers – born from 1946 to 1964 – retire, Switzerland will faces a shortage of workers, according to Credit Suisse, a bank. Economists at the bank estimate that 1.1 million people in Switzerland will retire over the next 10 years, a figure which includes nearly 800,000 people currently working. By 2021, there will […]
Tobacco use costs Switzerland 5 billion francs a year
Health care in Switzerland is funded by a mixture of taxes and health insurance premiums. Much of the insurance premiums paid are compulsory with no discounts offered to non-smokers. According to figures recently published by the Swiss association for smoking, the annual direct medical costs of smoking are CHF 3 billion (2015), or CHF 350 […]
The remarkable rise of Switzerland’s GDP per capita
In 1998, GDP per person in Switzerland was CHF 59,693. Recently published statistics put the figure at CHF 80,986 in 2018, a rise of 36%. When Swiss GDP per capita is expressed in globally comparable US dollar terms its rise is even greater. In US dollar terms Swiss GDP per capita grew from US$ 41,497 […]
Housing vacancies rise in 20 Swiss cantons
Recent figures show an annual 4.2% rise in the number of vacant homes in Switzerland, extending a trend that started 10 years ago, according to the Federal Statistical Office. At the start of June 2019, there were 75,323 vacant homes, representing 1.66% of Switzerland’s total stock of homes. However, high vacancy rates in some regions […]
Banks move to cool investment property market in Switzerland
Swiss banks have agreed to tighten lending conditions for investment properties following concerns by the Swiss Bankers Association (SBA), a self-regulatory body. The SBA, which represents most of Switzerland’s banks, has issued new lending guidelines requiring lending deposits of at least 25% of the assessed value of the property for residential investment properties. In addition, […]
Welfare fraudster gets nearly 4 years in prison
A man in Zurich has been sentenced to close to four years in prison after receiving more than half a million francs of welfare despite possessing numerous cars and large bank balances, according to Tages-Anzeiger and reported in 20 Minutes. The 51 year old man from Kosovo, who received CHF 527,000 of welfare money between […]
Suspected welfare cheats can be trailed from October
Agencies paying social welfare in Switzerland will be able to hire detectives to uncover fraud from 1 October 2019. In Switzerland, between 2009 and 2016, detectives were used on around 220 investigations a year. Two thirds of those trailed were found guilty of fraud. In 2016, the European court of human rights ruled that accident […]
New 100 Swiss franc note coming soon
Recently, the Swiss National Bank (SNB) unveiled the new 100 franc banknote. The note’s design is inspired by Switzerland’s tradition of humanitarianism, represented on the note by water. The note remains blue but is much smaller than the existing one, making it easier to fit into wallets. The note is the last one in Switzerland’s ninth series […]
