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Tag Archives: Personal finance

Swiss inflation up again in June 2022

On 4 July 2022, Switzerland’s Federal Statistical Office (FSO) published June inflation data, which show prices 3.4% higher than one year ago, well above the Swiss National Bank target of 2.0%. Photo by Ahmed Muntasir on Pexels.comSwitzerland’s consumer price index (CPI) increased by 0.5% in June 2022, less than the 0.7% rise in May 2022. At the end of May 2022, annual inflation was 2.9%. By the end of June 2022 it was 3.4%, the highest since 1993. Big drivers of rising prices continue...

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Swiss minister asks public to reduce their heating next winter

Switzerland faces a potential gas shortage next winter, warns Switzerland’s Federal Council. Reduced consumption or rationing cannot be ruled out, it warns. © Katie Nesling | Dreamstime.comAt a press conference in Bern on Wednesday, economy minister Guy Parmelin said that there is a very real risk of a gas shortage over winter, reported RTS. Around three quarters of the gas used in Switzerland comes from Germany, he said. If storage facilities cannot be filled as planned a shortage in...

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Swiss Franc worth more than a Euro

This week, the Swiss franc rose to beyond parity with the euro as traders sought safe haven assets as concerns about risks to global growth grew. © Cameracraft8 | Dreamstime.comThe Euro-Swiss Franc pair fell below 1.00 franc per euro during the morning of 29 June 2022 and remained below 1.00 until the morning of 1 July 2022 when the value of a euro exceed that of a franc. The pair has not been this low since 2015. The rise has been driven by the franc’s haven status and the Swiss...

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Higher federal tax deductions for health insurance announced

Photo by Nataliya Vaitkevich on Pexels.com The cost of Swiss health insurance has risen sharply over the years. However, the amount that can be deducted from income to calculate federal taxes has remained comparatively low. This week, Switzerland’s parliament voted in favour of closing the gap between the standardised health insurance tax deductions and what people actually pay, reported RTS. The current deductions are CHF 1,700 for an adult, CHF 3,500 for a married...

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Concert tickets up to 77% more expensive in Switzerland

A survey found that the Swiss pay far more for concert tickets that their European neighbours. And the differences are significant, with Swiss price premiums ranging from 40% to 77% depending on the performer, reports RTS. Photo by picjumbo.com on Pexels.comAccording to Bon à Savoir, the consumer association behind the survey, there are many examples of inflated Swiss concert prices. For example, the cheapest spots to see the Rolling Stones in Bern were CHF 170. In Munich, the same ticket...

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Finance minister thinks Switzerland needs to cut public spending

Ueli Maurer, Switzerland’s finance minister, is concerned about Switzerland’s finances after a recent round of decisions to substantially increase public spending. Swiss finance minister Ueli MaurerDuring June 2022, Switzerland’s parliament agreed to significant increases to spending on the army, healthcare and the environment. The situation is not sustainable Maurer told SRF. In June, parliament agreed to boost military spending by CHF 2 billion, raising it from CHF 5 to CHF 7 billion...

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Higher federal tax deductions for health insurance announced

The cost of Swiss health insurance has risen sharply over the years. However, the amount that can be deducted from income to calculate federal taxes has remained comparatively low. This week, Switzerland’s parliament voted in favour of closing the gap between the standardised health insurance tax deductions and what people actually pay, reported RTS. Photo by Nataliya Vaitkevich on Pexels.comThe current deductions are CHF 1,700 for an adult, CHF 3,500 for a married couple and CHF 700 for...

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Psychotherapy to be covered by basic Swiss health insurance

From 1 July 2022, psychotherapy provided by trained psychologists will be reimbursed under Switzerland’s basic compulsory health insurance, reported RTS. Photo by SHVETS production on Pexels.comTo qualify for reimbursement the service will need to be prescribed by a doctor and meet certain conditions. Pricing for the service remains to be set. The federal government and cantons still need to work out a price for reimbursable services. In the meantime, a provisional rate of CHF 154.80 will...

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No tax cuts on fuel in Switzerland

This week, Switzerland’s upper house rejected proposals to cut the tax on fuel to counteract the impact of sharp price rises, reported RTS. Photo by Engin Akyurt on Pexels.comNeighbours France, Germany, Italy and Austria have all cut the tax on fuel. But Switzerland hasn’t. The Swiss People’s Party (UDC/SVP) has been pushing for one, arguing that its justified by the high financial burden of high fuel prices on commuters, middle class families, rural residents and businesses. However,...

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Migros to stay alcohol free after clear no vote

On 16 June 2022, the Swiss supermarket Migros announced that its members had voted in favour of maintaining a ban on the sale of alcohol in its stores, restaurants and takeaway outlets across all 10 of its regional cooperatives. © Adriana Stampfl | Dreamstime.comWith record voter participation of more than 630,000 members (29%) – members were offered free chocolate for voting – the result was clear. 80% of voters in the Aare and Zurich regions voted to keep the alcohol ban. Basel (76%),...

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