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Tag Archives: Personal finance

Switzerland expects government surplus in 2022 and lower public debt from 2023

After a roughly CHF 40 billion blow to Swiss public finances due to the Covid pandemic, Switzerland’s financial outlook is beginning to look positive, according to a recent government press release. © Photo4dreams | Dreamstime.comFigures from the Federal Finance Administration (FFA) forecast a surplus of CHF 1.5 billion in 2022, an amount equivalent to 0.2% of GDP. In 2023, a government surplus of CHF 0.6% of GDP is forecast. Government expenditure in Switzerland is expected to be...

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Numerous Swiss health insurance price comparison sites misleading

Ahead of deciding on where best to insure in 2023 numerous websites claim to offer reliable health insurance comparison tools. However, many cannot be trusted, according to a report by RTS. © Tatiana Golmer | Dreamstime.comNine out the 16 websites reviewed by a consumer advocacy association failed the test. The nine failing sites offered no product comparison. Instead they merely collected user data that could be used by agents hoping to up-sell lucrative complementary insurance...

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Inflation turns negative in Switzerland in September

In September 2022, Switzerland’s consumer price index (CPI) fell by 0.2% compared with the previous month, according to data from Switzerland’s Federal Statistical Office (FSO). Photo by Erik Mclean on Pexels.com The 0.2% month-on-month fall was due to falling prices for fuels, heating oil, hotels and related accommodation. Falls in the prices of these items were offset by higher clothing and footwear prices. Monthly deflation left the...

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Inflation turns negative in Switzerland in September

In September 2022, Switzerland’s consumer price index (CPI) fell by 0.2% compared with the previous month, according to data from Switzerland’s Federal Statistical Office (FSO). Photo by Erik Mclean on Pexels.comThe 0.2% month-on-month fall was due to falling prices for fuels, heating oil, hotels and related accommodation. Falls in the prices of these items were offset by higher clothing and footwear prices. Monthly deflation left the year-on-year inflation rate at 3.3% compared to a...

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Switzerland to destroy 10 million doses of Covid vaccine

Switzerland is to destroy more than 10 million doses of the Moderna Covid-19 vaccine, reported RTS. © Filmfoto | Dreamstime.comThe 10.3 million doses of vaccine have reached their expiry date, which cannot be extended, said the government. 2.5 million doses are stored in Switzerland with further 7.8 million stored in Belgium, said the Federal Office of Public Health (FOPH). At an estimated price of CHF 28 per dose the cost of the vaccines comes to around CHF 280 million. However, the...

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Swiss health insurance set to rise by most since 2010

On 27 September 2022, the Swiss government published health insurance premiums for 2023. On average premiums will rise by 6.6% with large variations depending on age and where you live. © Francisco Javier Zea Lara | Dreamstime.comThe 6.6% average increase in 2023 is the fifth largest rise since Switzerland’s current system of health insurance began in 1996. The last time it rose more was in 2010 when it leapt 8.7%. The average monthly premium will rise to CHF 334.70 per month (CHF...

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Swiss government increases federal tax deductions to account for inflation

Now that inflation has returned, so has bracket creep, a situation where inflation pushes taxable income into higher tax brackets and reduces the tax busting value of deductions. To compensate, Switzerland’s federal government announced higher deductions and higher tax brackets this week. Photo by Pixabay on Pexels.comFrom the 2023 tax year couples with two wage earners will be able to deduct a maximum of CHF 13,600 (previously CHF 13,400) each from their taxable income. For married...

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Chart of the week: 11% of Swiss over 64 work

More and more people 65 and older are continuing to work across the OECD. The reasons for working beyond this particular point in life vary from person to person. Photo by Andrea Piacquadio on Pexels.comLabour force participation among this age group across the OECD ranges from 2.4% (Romania) to 41.7% (Indonesia). In Switzerland, the rate was 11.1% in 2020, higher than it was in 2005 (7.5%), but lower than it was in 1991 (14.9%). The OECD average is 15.5%. Men in Switzerland over...

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Swiss rate hike ends negative rates in Europe

On 22 September 2022, the Swiss National Bank (SNB) bumped its policy interest rate up by 0.75 percentage points to 0.5%. The move pushed the Swiss Franc down by around 2% against the euro. © Marekusz | Dreamstime.comThe recent hike brings Europe’s experiment with negative interest rates to a close. Only Japan now has a negative rate. The SNB rate hike follows a 0.75 percentage point hike by the ECB on 14 September 2022 and one of the same amount by the US Fed on 21 September 2022....

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Swiss to vote on government’s pension reform plan

Across much of the developed world pension finances are getting squeezed as populations age, baby boomers in particular. Switzerland’s government has a reform plan. However, some who don’t like it called a referendum to oppose it. Arguments for and against the changes are being aired before a vote on 25 September 2022. Photo by Kampus Production on Pexels.comThe proposed changes, dubbed AVS 21 (AHV 21), include raising the state pension (AVS/AHV) age of women from 64 to 65, the current...

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