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On 31 July 2023, the Swiss National Bank (SNB) announced it had made a loss of CHF 13.2 billion during the second quarter of 2023. This takes the bank’s net equity down to CHF 79 billion and pushes the reserves used to make distributions to the cantons deeper into negative territory – at 30 June 2023 reserves for future distribution stood at almost CHF – 40 billion. © Santiaga | Dreamstime.comOver recent years the SNB has taken a financial beating. In 2022, the bank lost CHF 132 billion....

On 26 July 2023, the administration announced that it had given a green light to a vote on a proposal to provide “good affordable childcare for everyone”. A total of 102,238 valid signatures were confirmed, a figure beyond the 100,000 required to call a popular vote in Switzerland. Photo by Alexander Grey on Pexels.comVote organisers want day-care centres to be accessible to all families at prices they can afford. The proposal would price daycare according to income, and cap charges at a...

In 1941, George de Mestral, while hunting in the Jura, with his son and dogs, noticed how the plant burdock stuck with microscopic hooks to his trousers and to the ears of one of his dogs. Fifteen years later the strong-willed Vaud handy man had turned his observation into something that would become a household name. Wild burdock_© Olga Budonna | Dreamstime.com He carried his hunting trip observation around in his head for ten years before realizing it could be used as an alternative to a...

The government of the canton of Ticino is strongly opposed to tolls for the Gotthard road tunnel, reported RTS this week. Gotthard Tunnel © Stefano Ember | Dreamstime.comThe idea of charging a toll for the highly congested Gotthard tunnel linking Ticino, which lies south of the Alps, to the rest of Switzerland, has been discussed for some time. In a public poll run at the end of June 2023, 69% of those surveyed said they believed a toll was needed, compared to 28% who were opposed to...

This week, Swiss Post announced it would increase the cost of sending letters and parcels from the beginning of 2024. © Swiss PostAt the beginning of 2024, nearly everything is set to rise in price as the Swiss VAT rate jumps from 7.7% to 8%. In addition, more and more companies are joining the party, pushing up their prices. From the beginning of 2024, A and B class letters will cost 10 cents more to post, and parcels will cost a further CHF 1.50. These costs will find their way into...

Data released on 3 July 2023 showed year-on-year inflation in June falling to 1.7%, down from 2.2% the month before. During the month of June 2023, prices rose 0.1%, which translates to an annualised rate of 1.2%, well below the Swiss National Bank (SNB) target rate of 2%. Photo by Gustavo Fring on Pexels.comUnderlying inflation, which strips out volatile elements such as energy and food, also slowed to 1.8%, according to the Federal Statistical Office (FSO). This means both Switzerland’s...

In 2022, the European Court of Human Rights ruled in favour of Max Beeler, a man who claimed there was gender discrimination regarding pension payments to widows and widowers in Switzerland. This week, the government formalised changes removing the inequality of treatment of bereaved men and women. Photo by Pavel Danilyuk on Pexels.comCurrently, women receive a widower’s pension for life on the passing of their husband, while men get one only until their children reach the age of 18....

On 28 June 2023, Switzerland’s Federal Council approved a budget for 2024 with a deficit of CHF 6.7 billion. © Guenter Purin | Dreamstime.comSwitzerland’s constitution includes a section designed to constrain spending to prevent the government from living beyond its means. The debt brake, as it is known, allows a limited degree of annual overspending that is expected to be covered by future surpluses. However, there is a wrinkle. The debt brake refers to ordinary expenditure, which...

On 28 June 2023, parliament agreed to extend the loss offsetting period for Swiss companies. Photo by Pixabay on Pexels.comIn Switzerland, any losses made by companies can be offset against future profits for a limited period of time. Currently, the period is seven years. This week parliament agreed to extend this period to 10 years. Any losses generated in 2020 or later would qualify under the new 10-year carry forward rule. The change will help companies that suffered losses during...

In Switzerland, mothers are far more likely to have paid work than they were 30 years ago. In 2021, 82% had paid employment compared to 60% in 1991. Over this period, Switzerland has moved from one of the lowest European rates of working mums to one of the highest. Photo by Karolina Grabowska on Pexels.comHowever, a sizeable employment gap remains between women with children (82%) and women without them (93%). In addition, few fathers have given up working to make way for mothers to work...