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Tag Archives: 3.) Personal Finance

Swiss flood damage could cost half a billion francs

[unable to retrieve full-text content]Switzerland’s four largest buildings insurers estimate the costs of recent weather events could reach half a billion francs across Switzerland, reported RTS. According to Grégoire Deiss, who works for the cantonal buildings insurer ECAB in Fribourg, the cost of recent storms and flooding could be around CHF 500 million across all of Switzerland, a figure he based on claims that have been made so far.

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Price comparison site Comparis customer data exposed in ransomware attack

On 9 July 2021, the Swiss price comparison website Comparis revealed that it had been the victim of a ransomeware cyber attack on Wednesday, 7 July 2021. © Chernetskaya | Dreamstime.com According to Comparis, the attack occurred in the morning. Comparis took down several of its sites as a security measure. The attackers demanded money in exchange for decrypting data. Comparis said that based on the information available most of their databases containing customer...

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Swiss social spending up nearly 60 percent in 20 years

In 1999, social expenditure in Switzerland was CHF 13,370 per resident. By 2019, the same figure had reached CHF 21,300, a rise of nearly 60%. © Alexey Stiop | Dreamstime.com Over the same period, total inflation was around 11%. Applying inflation to CHF 13,370 brings the figure to CHF 14,480. Why has the cost risen beyond this and how has the extra spending been funded? One of the key drivers behind the rise in social expenditure is increased spending on pensions as...

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Swiss Unemployment Continues to Fall in May

By the end of May 2021, the percentage of Switzerland’s workforce registered as out of work had fallen to 3.1%, down from 3.3% in April 2021. © Rafael Ben Ari | Dreamstime.com The figures are based on those registered as unemployed at regional employment centres and exclude many of those that have been out of for more than two years and have exhausted their rights to collect unemployment benefits. Many measures of unemployment, such as the one recommended by the...

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Swiss consumer sentiment nearly back to pre-crisis level

Consumer sentiment among Swiss households is improving, according to Switzerland’s economic affairs office (SECO). © Rosaria De Marco | Dreamstime.comIn April 2021, the consumer sentiment index climbed back to -7 points after reaching a low of -40 in early 2020. The level of -7 is close to the pre-crisis level of early 2020 and close to its long term average of -5. The primary reason for the rise in consumer sentiment is a significant improvement in...

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Swiss upper house votes to raise pension age for women

© Germana Marengo | Dreamstime.com As Switzerland’s population ages the number of people paid state pension is rising relative to the number of workers funding it. Since 2014, more has been paid out than has been paid in. The most effective way to fix this imbalance is to raise the pension age. If the average life expectancy of a retiree is 15 years, then raising the pension age by one year will cut the cost by nearly 7%. Switzerland is one of a few countries that...

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Switzerland’s record breaking deficit in 2020

© Marekusz | Dreamstime.com Switzerland’s federal accounts ended 2020 with a record-breaking deficit of CHF 15.8 billion. The deficit was caused by the pandemic. An unexpected CHF 3.6 billion fall in revenue combined with net CHF 12.5 billion in largely unplanned expenses combined to take the overall result CHF 16.1 billion below the expected positive net result of CHF 0.3 billion to deliver a loss of CHF 15.8 billion for the year. Pandemic-related expenditure...

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Poverty in Switzerland: fresh data on those struggling to get by

© Sam Wordley | Dreamstime.com In 2019, the poverty line in Switzerland was CHF 27,348 (US$ 30,500) for a single person and CHF 47,712 (US$ 53,200) for a couple with two young children. The figures are calculated by SKOS based on the cost of living in Switzerland. People with incomes below these levels in Switzerland are considered to by living in poverty. In 2019, 8.7% of Switzerland’s population was living on less that these amounts, up 0.8 percentage points from...

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Middle class shrinks in Switzerland

Statistics published at the end of January 2021 show a fall in the percentage of the population included in the definition of middle class in Switzerland. © Rawpixelimages | Dreamstime.com Middle class includes everyone belonging to a household with a gross income of between 70% and 150% of the median, according to a definition by Switzerland’s Federal Statistical Office. In 2018, single-person households with gross monthly incomes of between CHF 4,094 and CHF 8,773...

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Swiss rents and property prices up in 2020 due to pandemic

© Bogdan Lazar | Dreamstime.com The pandemic had a significant impact on Swiss real estate prices in 2020, according to industry experts. Contrary to initial fears that property prices would fall, prices have risen over the period. Over the year, the offer prices of stand alone houses rose by 5.6% while apartment prices jumped by 5.5% across Switzerland as a whole, according to the Swiss Real Estate Offer Index compiled by ImmoScout24. 2020 has shown once more that...

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