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On 27 September 2022, the Swiss government published health insurance premiums for 2023. On average premiums will rise by 6.6% with large variations depending on age and where you live. © Francisco Javier Zea Lara | Dreamstime.comThe 6.6% average increase in 2023 is the fifth largest rise since Switzerland’s current system of health insurance began in 1996. The last time it rose more was in 2010 when it leapt 8.7%. The average monthly premium will rise to CHF 334.70 per month (CHF...

On 20 September 2022, government forecasters announced downgraded expectations for GDP growth in Switzerland. © Evgeniy Lapshin | Dreamstime.comA group of experts focused on predicting business cycles downgraded expected GDP growth to 2.0% in 2022 and to 1.1% in 2023. After a positive first half of the year the Swiss economy now faces a deteriorating outlook, said the group. A tense energy situation and sharp price increases are weighing on economic prospects across Europe. As...

Now that inflation has returned, so has bracket creep, a situation where inflation pushes taxable income into higher tax brackets and reduces the tax busting value of deductions. To compensate, Switzerland’s federal government announced higher deductions and higher tax brackets this week. Photo by Pixabay on Pexels.comFrom the 2023 tax year couples with two wage earners will be able to deduct a maximum of CHF 13,600 (previously CHF 13,400) each from their taxable income. For married...

More and more people 65 and older are continuing to work across the OECD. The reasons for working beyond this particular point in life vary from person to person. Photo by Andrea Piacquadio on Pexels.comLabour force participation among this age group across the OECD ranges from 2.4% (Romania) to 41.7% (Indonesia). In Switzerland, the rate was 11.1% in 2020, higher than it was in 2005 (7.5%), but lower than it was in 1991 (14.9%). The OECD average is 15.5%. Men in Switzerland over...

On 22 September 2022, the Swiss National Bank (SNB) bumped its policy interest rate up by 0.75 percentage points to 0.5%. The move pushed the Swiss Franc down by around 2% against the euro. © Marekusz | Dreamstime.comThe recent hike brings Europe’s experiment with negative interest rates to a close. Only Japan now has a negative rate. The SNB rate hike follows a 0.75 percentage point hike by the ECB on 14 September 2022 and one of the same amount by the US Fed on 21 September 2022....

Data published on 12 September 2022 show how the pool of available housing continues to shrink in Switzerland. Photo by ILOVESwitzerland on Pexels.comOn 1 June 2022, there were 61,496 empty dwellings in Switzerland, representing 1.31% of the total housing stock. The vacancy rate has fallen 0.23 percentage points compared to a year ago. There were 9,869 fewer empty dwellings compared to the previous year, representing a striking fall of 13.8%, wrote the Federal Statistical Office (FSO)....

Pilots at the airline SWISS could strike from 17 October 2022 if their demands are not met, reported RTS. © Serdar Tibet | Dreamstime.comPilots at the airline are remunerated under a collective labour agreement. The airline recently presented an offer CHF 60 million higher than their orignal offer. However, on 16 September 2022, Aeropers, a union representing the pilots, said the enhanced offer is not enough. This offer also represents a significant improvement over the last agreement...

Across much of the developed world pension finances are getting squeezed as populations age, baby boomers in particular. Switzerland’s government has a reform plan. However, some who don’t like it called a referendum to oppose it. Arguments for and against the changes are being aired before a vote on 25 September 2022. Photo by Kampus Production on Pexels.comThe proposed changes, dubbed AVS 21 (AHV 21), include raising the state pension (AVS/AHV) age of women from 64 to 65, the current...

This week, less than a month before next year’s health insurance premiums are unveiled, santésuisse, a health insurance association, warned of unusually high hikes in the cost of Switzerland’s compulsory health insurance for 2023, reported RTS. © Attila Barabás | Dreamstime.comHealthcare costs rose 6.4% in 2021 and are expected to rise 4% in 2022 and 2023, said santésuisse in a press release. The situation is very serious, said Verena Nold, a director at santésuisse. Insurers’...

Next year, average electricity prices in Switzerland are set to rise 27% with significant difference depending on where you live, reported RTS. Photo by Burak The Weekender on Pexels.comIn 2023, an average household consuming 4,500 kWh a year will pay an extra CHF 261 a year for their electricity. However, there will be big differences depending on where you are. In Zwischbergen, a municipality in Valais, 4,500 kWh will cost CHF 383.05 in 2023. The same electricity in Gaiserwald in...