Switzerland’s ageing population is undermining the future financial health of its state pension system, a challenge facing much of the world. A number of Swiss politicians believe later retirement is the only way to meaningfully confront the issue. Andri Silberschmidt, a member of the PLR/FDP in Zurich, along with others, has launched an initiative to […]
UBS gets 9 billion franc government guarantee for Credit Suisse deal
On 9 June 2023, UBS closed a deal with the Swiss government to cover 9 billion francs of potential losses it could incur from its takeover of Credit Suisse Group, reported Bloomberg. The guarantee relates to a specific portfolio of Credit Suisse’s assets currently valued at CHF 44 billion, equivalent to roughly 3% of the […]
No money for refugee container accommodation in Switzerland
Some in Bern hatched a plan to build accommodation out of shipping containers to cope with the expected influx of refugees into Switzerland. However, this week, the Council of States, Switzerland’s upper house, rejected a funding request for the plan, reported SRF. The Council of States had already spoken out against the idea last week […]
Switzerland moves close to changing definition of rape
This week, after much political back and forth, Switzerland’s federal government moved close to updating the nation’s laws on sex crimes, including rape. While the need to update the definition of rape, which is central to the legal revision, is uncontested, the details of the changes have proved controversial. Broadly, much of the debate has […]
No cost-of-living pay rise for Swiss parliamentarians
A 2.5% pay increase for Swiss parliamentarians to compensate for inflation was rejected this week by the Council of States, Switzerland’s upper house or senate, reported SRF. In Switzerland, working as a member of parliament is a part time job, typically occupying 60% to 80% of an individual’s working hours. On average they are paid […]
Swiss initiative that aims to let voters fire cabinet members
Currently, the members of Switzerland’s seven-member Federal Council, the nation’s executive or cabinet, are elected for four years by the members of parliament (National Council) and the upper house (Council of States). This week, an initiative was launched for a referendum on whether to allow voters to remove any Federal Councillor they don’t like, reported […]
One day off work costs Switzerland 350 million francs
Last week, Switzerland’s federal parliament voted in favour of adding an annual public holiday to celebrate democracy. This week, the State Secretariat for Economic Affairs (SECO), said the extra day off would cost the economy CHF 350 million, reported RTS. The CHF 350 million sum was calculated by comparing the GDP in years when Christmas […]
One Swiss canton wants to make it harder to become Swiss
This week, the government of the canton of Aargau was poised to make it harder to become Swiss in the canton, reported RTS. The canton’s parliament voted in favour of increasing the language requirements and applying stricter judicial restrictions. Becoming a citizen in Switzerland is already difficult by international standards. Rules set at a federal […]
Switzerland’s cantons make bigger than expected profits in 2022
In 2022, together, Switzerland’s cantons were expected to spend CHF 1.1 billion more than they brought in from taxes. Instead, they made a collective profit of CHF 3.5 billion, a positive delta of CHF 4.6 billion, reported RTS. Switzerland collects tax at three levels: municipal, cantonal and federal. Cantonal taxes are typically the largest slice. […]
Federal Council supports plan to widen Switzerland’s main motorway
The week, the Federal Council, Switzerland’s executive. decided the A1, the nation’s longest motorway should be at least three lanes in both directions along its entire length, reported RTS. The Federal Council’s decision was in response to a proposal by Erich Hess, a parliamentarian from the Swiss People’s Party (UDC/SVP). The motion was signed by […]
