Tag Archives: Business & Economy

This week, Switzerland’s federal government decided to increase aid money to Covid hit businesses to CHF 1 billion. © Mcxas | Dreamstime.comBefore this announcement, Bern had already committed to providing CHF 400 million to struggling businesses. Funding for the first CHF 400 million is split 50-50 between cantonal and federal tax payers. The additional CHF 600 million will be funded 80% out of the federal tax pot and 20% out of cantonal tax revenues. This means in aggregate 68% of...

Between the 3rd quarter 2019 and the 3rd quarter 2020, the number of people employed in Switzerland fell by 0.4% (–21 000). In addition, weekly hours worked per employee decreased by 2.7%. © Ginasanders | Dreamstime.comDuring the same period, the unemployment rate in Switzerland as defined by the International Labour Organisation (ILO) increased from 4.6% to 5.3%. At the end of September 2020, 260,000 workers were without work, an increase of 35,000 compared to the same date in 2019....

An updated forecast published this week by the Switzerland’s federal government is less negative than forecasters feared in the middle of the year. © Marekusz | Dreamstime.comThe new forecast expects Swiss GDP adjusted for sporting events to fall by 3.8% in 2020 and unemployment to average 3.2% across the year. The forecast in June 2020, predicted a 6.2% fall in GDP and average unemployment of 3.8%. After the relaxation of health policy measures, the Swiss economy started to swiftly...

Official data recently released by the Swiss National Bank (SNB) show it sold 51.5 billion Swiss francs while acquiring US dollar and euro-denominated assets in a bid to weaken the franc over the first quarter of 2020. © Michael Müller | Dreamstime.comThe data followed comments by SNB President Thomas Jordan signalling that even larger interventions may be on the cards in the future. Switzerland’s long-running battle with its overvalued currency has drawn criticism from the US. In...

© Ocskay Mark | Dreamstime.com Nearly 44% of renters surveyed said that coming up with the money pay rent is now harder than it was before Covid-19, according to ASLOCA, a renters’ association. Following the survey the organisation is calling for more protection against the cancellation of rental contracts and moratoriums on evictions. The main reason cited for the current financial difficulties faced when paying rent was falling revenue from fewer hours of work,...

Demand for second homes has risen since restrictions related to coronavirus were loosened, according to real estate company Wüest Partner. © Roland Van Der Meeren | Dreamstime.comThe option of remote working appears to be encouraging some to trade time in central city locations for more time in Alpine resorts, the countryside, commuter regions and smaller cities. The prices of second homes have risen 3.6% over the last 12 months, according to firm. Demand for independent houses in...

Nearly 44% of renters surveyed said that coming up with the money pay rent is now harder than it was before Covid-19, according to ASLOCA, a renters’ association. © Ocskay Mark | Dreamstime.comFollowing the survey the organisation is calling for more protection against the cancellation of rental contracts and moratoriums on evictions. The main reason cited for the current financial difficulties faced when paying rent was falling revenue from fewer hours of work, partial business...

Swiss, Switzerland’s flag airline, which is part of the Lufthansa group, has asked employees to accept a 15% pay cut. If they reject this offer the airline has said 1,425 jobs will be at risk, 15% of the workforce, according to a report by the newspaper Sonntags Zeitung. © Nui7711 | Dreamstime.com“Our goal is to get through the crisis with as many employees as possible.” said Marco Lipp, spokesperson for the airline. “This will only be possible if substantial reductions in staff costs can...

On 27 September 2020, Swiss voters have many decisions to make. This time the list of votes includes decisions on fighter jets, hunting, tax deductions for child care and paternity leave. Probably the most important among them is a decision on whether to accept a proposal to end the EU agreement on the free movement of people between Switzerland and the bloc, known as the Limitation Initiative. © Miriam Doerr | Dreamstime.comThe agreement between Switzerland and the EU on the free...

A report published this week places Switzerland fourth on a list of countries best positioned to make an economic rebound after the coronavirus downturn. © Octavian Lazar | Dreamstime.comThe analysis looks at overall health resilience, pre-existing structural strengths and weaknesses in 122 countries. The top four nations are Finland, Norway, Germany and Switzerland. These countries combine world class governance with high levels of social capital and high social resilience. They also...