Tag Archives: Personal finance

On 2 June 2022, Switzerland’s parliament adopted two motions to accelerate the adoption of solar panels. Photo by Los Muertos Crew on Pexels.com The first motion aimed to allow private individuals to earn better returns on the electricity they produce. Under the proposal they would be able to sell electricity to other individuals, municipalities and cantons without paying heavy network charges. 140 versus 48 voted in favour of this plan. A second change compels the...

Overall, in 2021, Swiss salaries shrunk by 0.2% in nominal terms and by 0.8% in real terms, given an annual rate of inflation of 0.6% across the year, reported the Federal Statistical Office (FSO) this week. Photo by Sora Shimazaki on Pexels.comHowever, when broken down, women saw an overall increase in pay of 0.6% while men on average saw pay fall by 0.7%. The difference reflects differences in the type of work undertaken by men and women. Pay for public sector...

Overall, in 2021, Swiss salaries shrunk by 0.2% in nominal terms and by 0.8% in real terms, given an annual rate of inflation of 0.6% across the year, reported the Federal Statistical Office (FSO) this week. Photo by Sora Shimazaki on Pexels.comHowever, when broken down, women saw an overall increase in pay of 0.6% while men on average saw pay fall by 0.7%. The difference reflects differences in the type of work undertaken by men and women. Pay for public sector jobs, a sector...

On 2 June 2022, Switzerland’s parliament adopted two motions to accelerate the adoption of solar panels. Photo by Los Muertos Crew on Pexels.comThe first motion aimed to allow private individuals to earn better returns on the electricity they produce. Under the proposal they would be able to sell electricity to other individuals, municipalities and cantons without paying heavy network charges. 140 versus 48 voted in favour of this plan. A second change compels the use of rail and road...

Rules related to personal bankruptcy in Switzerland are tough compared to many countries. In effect, they give heavily indebted individuals breathing space rather than a clean slate. This week, Switzerland’s government put forward a plan to soften the rules. © Andranik Hakobyan | Dreamstime.comTo initiate personal bankruptcy proceedings (technically insolvency proceedings) in Switzerland requires funds of around CHF 5,000 to cover the costs of the court and other agencies to restructure...

During the first quarter of 2022 the number of people employed in Switzerland rose by 1.7% and the unemployment rate, as defined by the International Labor Organisation (ILO) fell from 5.8% to 4.6%. © Heying Hua | Dreamstime.comIn addition, the average number of hours worked by those employed rose by 2.8%. The overall rate of unemployment in Switzerland by the end of the quarter (4.6%) was well below the rate across the EU (6.5%). A total of 5.1 million people were working out of a...

On 2 June 2022, Switzerland’s Federal Statistical Office (FSO) published May inflation data, which show prices 2.9% higher than one year ago. © Nora Tarvus | Dreamstime.comSwitzerland’s consumer price index (CPI) increased by 0.7% in May 2022 compared with the previous month. Inflation was +2.9% compared with the same month of the previous year. Inflation in Switzerland is currently running at its highest annual rate since 1993. Big drivers of rising prices are higher energy prices and...

Buying a home in Switzerland is difficult. Homes are expensive and lending is typically restricted to those with a 20% deposit and significant income. Migros Bank, an offshoot of the Swiss supermarket, recently launched a product that reduces the deposit requirement to 10%. © Anneleven | Dreamstime.comMigros bank has launched the new product under the brand Cactous. According to the bank, 9 out of 10 Swiss households are unable to buy because they don’t meet Switzerland’s rigid financing...

A recent political shift following cantonal elections in March 2022 has led to lower personal taxes in the canton starting in 2023, reported 20 Minutes. Photo by Pixabay on Pexels.comThe canton of Vaud has one of Switzerland’s highest personal tax burdens. In 2018, a couple with two children earning CHF 150,000 paid more than three times as much tax in Vaud as the same couple in the canton of Zug. The only cantons where taxes would have cost them more were Neuchatel, Jura, Solothurn, Bern...

As the prices of the fossil fuels used to produce electricity rise so must the price of electricity. According to the Association of Swiss Electricity Companies (AES), record market prices mean that a majority of electrical supply companies will have to charge their customers higher prices in 2023. © Valery Shanin | Dreamstime.comA survey run by the Association at the beginning of May 2022 found that half of electricity supply companies in Switzerland plan to increase electricity prices...