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On 15 February 2023, Switzerland’s federal government published finalised figures showing it spent CHF 4.3 billion more than it received in 2022. Excluding extraordinary expenses related to the Covid pandemic left an underlying operating deficit of CHF 1.9 billion, the first shortfall of this kind since 2005. © Marekusz | Dreamstime.comSwitzerland’s federal government is required to operate under a system known as a debt brake. This requires it to achieve a breakeven budget over a...

After a rising number of attacks on cash machines across Switzerland, Migros Bank has decided it will probably close all of its machines overnight, reported RTS. © Denis Linine | Dreamstime.comLast year, at least 38 cash dispensing machines were blown up and robbed across Switzerland. The most recent attack at the end of January 2023 was on a machine in the town of Neuendorf in the canton of Solothurn. In 2021, the explosive charge used on one machine was so large that it destroyed...

Since 1 December 2022, contracts that online platforms often get hotels to sign to stop them offering prices lower than those offered via the platform are no longer legally enforceable in Switzerland due to a change in law. This week, broadcaster RTS published the results of a market test it performed to see if the legal change had had any effect. © Boumenjapet | Dreamstime.comRTS checked the prices of 287 rooms across Switzerland directly on hotels’ own websites and via the platform...

Accident insurer Suva recorded a record number of recreation-related accidents in 2022, reported RTS. Photo by Irene Lasus on Pexels.comSuva, a not-for-profit insurance company in Switzerland, insures around 2 million individuals in Switzerland every year. In 2022, it recorded around 290,000 non-work related accidents, a record figure, 14% higher than in 2021 and 4% higher than before the pandemic in 2019. A large number of accidents occurred outside, suggesting that the good weather...

The 2022 Corruption Perceptions Index (CPI), published on 31 January 2023, shows that most countries are failing to stop corruption. The CPI ranks 180 countries and territories around the world by their perceived levels of public sector corruption, scoring on a scale of 0 (highly corrupt) to 100 (very clean). © Ngampol Thongsai | Dreamstime.comThe global average remains unchanged for over a decade at just 43 out of 100. More than two-thirds of countries score below 50, while 26 countries...

When workers in Switzerland change employers they typically take their salary-based pensions with them. However, if they leave the country without making any pension transfer arrangements, after six months, their pension money ends up with the Substitute Occupational Benefit Institution, a kind of backstop holding place for forgotten pensions. © Ginasanders | Dreamstime.comAt the the end of 2022, the organisation held around CHF 5.6 billion of unclaimed money, reported RTS. The names,...

Swiss resident’s are regularly reminded of the large financial gap is Switzerland’s state pension system. Despite this, several attempts at reform have failed to gain sufficient support. Those that have still leave a large shortfall. On 24 January 2023, UBS published four additional reform scenarios. Only the fourth, with a life expectancy adjusted retirement age of 68.2 years eliminates the current projected shortfall. Photo by cottonbro studio on Pexels.comMany nations have large...

Like many governments across the world, Switzerland’s federal government is spending more than it collects. Extraordinary spending on Covid and refugees has pushed Switzerland’s finances into the red, a situation Karin Keller-Sutter, the current finance minister, hopes to eliminate by 2024. Photo by Louis on Pexels.comDuring its meeting on 25 January 2023, the Federal Council made preliminary decisions to ensure a balanced budget in 2024 and beyond. It hatched a plan to boost revenue and...

After slaughtering and freezing 12,000 pigs, Switzerland still has 50,000 more pigs than it can digest, reported RTS. With Swiss pig farms so full, vets are concerned animal welfare may be compromised. Photo by Mark Stebnicki on Pexels.comDuring the Covid pandemic when movements across national borders were restricted, Swiss farmers increased the number of pigs. When restrictions eased and imports returned Switzerland was left with a surplus of animals. The Swiss porc market is...

Switzerland offers workers the possibility of obtaining professional qualifications while working. Around 27,500 people graduate from these federally recognised higher vocational education programmes every year. © Elmirex2009 | Dreamstime.comSix years after graduating from these programmes the median income for a full-time job is about CHF 7,800 per month, compared with the CHF 5,300 received five years before obtaining professional training or a tertiary qualification. This average pay...