Tag Archives: Business & Economy

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,...

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...

On 9 January 2023, Switzerland’s State Secretariat for Economic Affairs (SECO) published the latest figures for the Swiss labor market in 2022 showing unemployment at its lowest rate for 20 years. Photo by Anamul Rezwan on Pexels.com2022 saw the development of a labour market increasingly characterised by a shortage of workers and an unemployment rate of 2.1%, said SECO. The unemployment rate fell 0.5 percentage points from 2.6% in 2021 to its lowest in 20 years. Youth unemployment (15...

By international standards, unemployment payments are generous in Switzerland – typically 70% of salary. But they come with strict requirements for recipients to show they are engaging in actions deemed necessary to find work. With record numbers of unfilled jobs, pressure is now being put on some to change career, reported RTS. Photo by cottonbro studio on Pexels.comAccording to one report, there are more than 100,000 unfilled jobs in Switzerland. At the same time by the end of December...

In good years the Swiss National Bank (SNB) distributes a portion of its profits to a number cantonal tax authorities, boosting their income. However, there will likely be no payments in 2023, reported the newspaper 20 Minutes. © Santiaga | Dreamstime.comWhen the SNB was trying to moderate the rise of the franc it bought large quantities of assets denominated in foreign currencies. In a rising market, these assets gained in value, producing profits. However, more recently, these assets...

As the end of 2022 approached, there were more than 250,000 unfilled jobs registered in Switzerland, equivalent to nearly one in every 20 jobs1. Out of the 264,069 vacancies recorded, nurses, electricians and managers were the most sought after employees, reported SRF. Together these three categories made up 10% of vacancies. On 15 November 2022, 6,995 nursing professionals were sought, 6,000 electricians and 3,917 software developers. The supermarket Coop was the company seeking...

Switzerland consumed significantly less gas in November 2022, according to the Swiss Federal Office of Energy (SFOE). Photo by Magda Ehlers on Pexels.comIn November 2022, Switzerland imported 3084 giga watt hours of gas, 29% less than the monthly November average of the prior five years, reported RTS. October 2022 saw a similar year on year decline (-40%). However, despite lower consumption the amount spent on gas rose significantly. During November 2022, Switzerland paid CHF 430...

A survey published on 27 December 2022 shows Swiss consumer sentiment is at its lowest since 2017. Photo by Andrea Piacquadio on Pexels.comMore than one in four of those surveyed expects their financial situation to deteriorate. Rises in health insurance premiums and energy costs were cited as the main reasons for financial pessimism by the 27.5% of people expecting their financial situation to worsen. The same percentage was 13% in 2019, 17.6% in 2020 and 16% in 2021. Unsurprisingly,...

This week, after two years of negotiating, France and Switzerland reached an agreement on the tax treatment of workers employed in one country who work remotely in the other, announced the Swiss government. © Itzhaki | Dreamstime.comFrom 1 January 2023, up to 40% of an employee’s annual working hours can be worked from home without having any impact on how they are taxed. Cross-border commuters, who typically live in France and work in Switzerland, are taxed in Switzerland....