Tag Archives: Business & Economy

Data published by Switzerland’s State Secretariat for Economic Affairs (SECO) show a sharp rise in the number of people moving to Switzerland from EU/EFTA nations. Photo by Yan Krukau on Pexels.comIn 2023, 68,000 people arrived in Switzerland from EU/EFTA countries to live, the highest number since 2008 when 72,100 arrived. The 2023 figure is 29% higher than the number of people arriving in 2022. According to SECO, the rising number reflects Switzerland’s robust employment growth and...

Switzerland’s housing crisis is pushing low income earners into poverty, warned Caritas this week. Geneva © Boris Breytman | Dreamstime.comAccording to the charity, high rents are pushing some low income earners into poverty. An acute shortage of housing is pushing rents beyond the level that some people can afford, forcing them to cut back on spending in other areas, said the charity. Some are spending around a third of their income on rent and utilities, roughly double the average...

In March 2024, as Switzerland’s month-on-month inflation rate went to zero and the annual inflation rate dipped to 1%, the Swiss National Bank (SNB) cut its key interest rate from 1.75% to 1.5%. Some expected the bank to keep cutting. However, in both April and May 2024, monthly inflation returned, making further imminent rate cuts less likely. © Maticsandra | Dreamstime.comThis week, the Federal Statistical Office (FSO) published data showing consumer prices rising 0.3% during May 2024....

More and more people in Switzerland want to work less, according to a study published by Swissstaffing, a placement agency umbrella organisation, reported SRF. Photo by ELEVATE on Pexels.comA shortage of skilled workers is a perennial challenge in Switzerland. One potential solution is for part-time staff to work longer hours and extend retirement. However, reality is different. Swiss workers generally want to work less, and nearly half would like to change jobs, leaving employers with...

According to data from the State Secretariat for Economic Affairs (SECO), 106,957 people were registered as unemployed at the end of April 2024, 1,636 (-1.5%) fewer than in the previous month, taking the rate from 2.4% to 2.3%. However, unemployment remained higher (+0.3 percentage points) than it was at the same time in 2023. Photo by Tim Gouw on Pexels.comAt the end of April 2024, youth unemployment (2.0%) and unemployment among those aged 50-64 (2.2%) were lower than the average...

The recent winter season was positive for Switzerland’s mountain resort lift operators. However, the picture was mixed with low altitude resorts missing out on much of the joy, reported Switzerland’s mountain lift association this week. By the end of April 2024, the number of first-time visitors to Swiss ski areas overall was up 3% compared to the previous year, and up by 5% compared to the 5-year average. Early snow in November and December combined with late snow in April extended...

Consumer prices in Switzerland increased by 0.316% in April 2024, rising 1.4% over the previous 12 months, reported Switzerland’s Federal Statistical Office (FSO) this week. However, annualised, the monthly rate comes to 3.79%, a rate well above the Swiss National Bank’s (SNB) preferred maximum of 2%. Photo by Kampus Production on Pexels.comApril’s 0.3% monthly price increase was driven by several factors including rising prices for packaged holidays abroad (+6.7%), airfares (+3.4%) and...

This week, the Swiss National Bank (SNB) announced a record quarterly profit for the first quarter of 2024. The result was largely predicted after the SNB made a surprise interest rate cut, which led to a weaker Swiss Franc. Switzerland’s central bank is unusual. It is privately owned (mainly by a German citizen) but distributes much of its profit to the nation’s cantons and federal government. This feature adds to the politicisation of monetary policy in Switzerland as it increases the...

On 21 March 2024, the Swiss National Bank (SNB) lowered its key interest rate from 1.75% to 1.5%. © J0hnb0y | Dreamstime.comThe move makes the SNB the first significant central bank to lower rates as inflation slows. The cut surprised many analysts and economists. The consensus expectation was for no change in the rate. Many other central banks have left rates unchanged. On 20 March 2024, the US Fed decided to maintain the target range for the federal funds rate at 5.25% to 5.5%. And...

Brought to you by quitt.business.   For startups and small companies, hiring and onboarding new employees can be a real hassle. In Switzerland especially, there is a significant amount of admin to deal with. The following is a guide to all the tasks involved in this process. © Sasa Mihajlovic | Dreamstime.comA summarised list of the administrative tasks associated with hiring a new employee are set out below: Create an employment contract Register for social security taxes with...