Tag Archives: Editor’s Choice

Under international pressure, Switzerland removed banking secrecy for foreign residents in 2009. However, laws ensuring bank secrecy for residents of Switzerland remain. Some politicians are now calling for the removal of all banking secrecy laws in the hope that it will increase tax revenue, reported RTS. © Denis Linine | Dreamstime.comWith Switzerland’s federal government budget in the red politicians are looking for ways to improve the bottom line. An estimated CHF 500 billion of...

Switzerland’s system of compulsory health insurance already requires patients to pay a portion of medical bills in addition to paying premiums. To stem the rise in premiums, an old idea has resurfaced: make patients pay an even greater share of their medical costs. Photo by Pavel Danilyuk on Pexels.comThis week, some political parties voiced support for a higher minimum deductible, an idea that has found limited support in the past, reported SRF. However, premiums have risen significantly...

The price of electricity is set to fall in 2025 according to a survey run by the Swiss Electricity Suppliers Association, reported RTS. Photo by PhotoMIX Company on Pexels.comAs many as 75 out of 83 suppliers surveyed said they definitely or probably expect price cuts next year. Price data from 52 companies generating more than a third of Switzerland’s electricity show prices falling by between 8% to 10% on average. The expected price drop reflects falling electricity prices across...

On 22 September 2024, Swiss voters will decide whether or not to accept the latest round of government reforms to employee based pensions known as the second pillar pensions. Swiss trade unions are against the reform, which reduces the annuity rate from 6.8% to 6.0%. Instead they are calling for a higher rate to compensate for recent inflation. Photo by Mikhail Nilov on Pexels.comSwitzerland’s pension system faces a similar demographic challenge to many developed nations. Its population...

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...

The number of babies born in Switzerland fell to 80,024 in 2023, a birth rate of 1.33 per woman, reported RTS. As recently as 2021, 89,644 babies entered the world in Switzerland. Between 2021 and 2023, the number has fallen nearly 11%. Photo by Pixabay on Pexels.comIn 2023, the fertility rate in Switzerland reached an historic low after trending down over the last decade. A doctor at a medical clinic in Geneva said a drop of around 20% over recent years can be observed across clinics in...

This week, Switzerland’s Federal Council decided to cut CHF 35 off the compulsory annual fee households must pay for public television and radio. The fee will fall from CHF 335 to CHF 300 by 2029, reported RTS. The fee reduction will happen gradually, falling to CHF 312 in 2027 and then to CHF 300 in 2029. In addition, more companies will fall outside the criterion for paying the fee. The minimum annual turnover for qualifying will rise from CHF 500,000 to CHF 1.2 million. This will mean...

On 20 June 2024, the Swiss National Bank (SNB) has lowered its key interest rate by 0.25% to 1.25%. © Deaconsdocs | Dreamstime.comAccording to Thomas Jordan, the head of the SNB, inflationary pressure has receded somewhat. The Swiss franc has recently appreciated against the Euro, reducing the price of imported good and services. If the franc appreciates it dampens inflation and this is included in inflation forecasts. Jordan told SRF that the central bank wants to ensure that...

Swiss cantons have very different tax bases, tax rates and spending. Until 2008, all cantonal taxes remained within cantons. Since then rich cantons have been required to support poor ones via the national financial equalisation mechanism. Next year, every French-speaking canton, with the exception of Geneva, will receive a financial boost from their wealthier German-speaking neighbours, reported the Federal Finance Administration (FFA) this week. The wealthy canton of Zug © Avkost |...