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During the first quarter of 2022 the number of people employed in Switzerland rose by 1.7% and the unemployment rate, as defined by the International Labor Organisation (ILO) fell from 5.8% to 4.6%. © Heying Hua | Dreamstime.comIn addition, the average number of hours worked by those employed rose by 2.8%. The overall rate of unemployment in Switzerland by the end of the quarter (4.6%) was well below the rate across the EU (6.5%). A total of 5.1 million people were working out of a...

On 2 June 2022, Switzerland’s Federal Statistical Office (FSO) published May inflation data, which show prices 2.9% higher than one year ago. © Nora Tarvus | Dreamstime.comSwitzerland’s consumer price index (CPI) increased by 0.7% in May 2022 compared with the previous month. Inflation was +2.9% compared with the same month of the previous year. Inflation in Switzerland is currently running at its highest annual rate since 1993. Big drivers of rising prices are higher energy prices and...

Buying a home in Switzerland is difficult. Homes are expensive and lending is typically restricted to those with a 20% deposit and significant income. Migros Bank, an offshoot of the Swiss supermarket, recently launched a product that reduces the deposit requirement to 10%. © Anneleven | Dreamstime.comMigros bank has launched the new product under the brand Cactous. According to the bank, 9 out of 10 Swiss households are unable to buy because they don’t meet Switzerland’s rigid financing...

A recent political shift following cantonal elections in March 2022 has led to lower personal taxes in the canton starting in 2023, reported 20 Minutes. Photo by Pixabay on Pexels.comThe canton of Vaud has one of Switzerland’s highest personal tax burdens. In 2018, a couple with two children earning CHF 150,000 paid more than three times as much tax in Vaud as the same couple in the canton of Zug. The only cantons where taxes would have cost them more were Neuchatel, Jura, Solothurn, Bern...

As the prices of the fossil fuels used to produce electricity rise so must the price of electricity. According to the Association of Swiss Electricity Companies (AES), record market prices mean that a majority of electrical supply companies will have to charge their customers higher prices in 2023. © Valery Shanin | Dreamstime.comA survey run by the Association at the beginning of May 2022 found that half of electricity supply companies in Switzerland plan to increase electricity prices...

Switzerland has the world’s fourth most expensive childcare according to UNICEF. The federal government is working on a package of financial subsidies costing CHF 530 million a year to reduce the cost to parents, reported RTS. Photo by Ksenia Chernaya on Pexels.comA 2021 UNCEF study of childcare in rich nations ranks Switzerland as having the fourth most unaffordable childcare, a measure that considers the cost relative to income. The only places with more unaffordable childcare are...

According to the price comparison website Comparis.ch obligatory Swiss health insurance premiums are set to rise by an average of 5% in 2023, in some cases as much as 10%. Photo by Karolina Grabowska on Pexels.comKey drivers of the rise are the impact of the pandemic and pressure by the federal government on insurance companies to refund reserves to policy holders, said Felix Schneuwly, a health insurance expert at the company. Before the refunds a number of insurance companies had...

As part of a revision of the rules related to foreigners in Switzerland the federal government has concluded discussions around cutting welfare entitlements for nationals from much of the world, reported the newspaper Le Matin. © Photosbypanda | Dreamstime.comDiscussions on restricting the welfare paid to some foreigners, which have been going on for some time, concluded on 3 May 2022. The resulting plan aims to cut the amounts of welfare paid in the first three years of residence. It...

Swisscom’s telephone network went down on Tuesday for 30 minutes, reported RTS. On Tuesday 3 May 2022 between 22:23 and 22:53 customers across Switzerland using Swisscom’s fixed and mobile networks were unable to access the internet. According to Swisscom, the outage was related to maintenance work. Much to the frustration of football fans the outage occurred during the semi-final of the champions league football match between Villarreal and Liverpool. More on this:RTS...

Food, energy and housing costs are rising in Switzerland and consumers are beginning to change their spending habits. So far inflation in Switzerland has been moderate with annual inflation of 2.5%. However, according to FRC, a consumer association in French-speaking Switzerland, recent price rises are only the beginning, reported RTS. © Debove Eric | Dreamstime.comThe biggest driver of Swiss inflation is energy where prices have leapt 25%. This appears to be affecting consumer behaviour....