Tag Archives: Personal finance

On 14 April 2021, Switzerland’s federal government announced it had spent CHF 14.2 billion more that it had collected in revenue in 2020. © Marekusz | Dreamstime.comThe loss represents the federal government’s consolidated excess expenditure for the year and is linked to the consequences of the Covid-19 pandemic, according to the statement. An additional CHF 16.8 billion was spent as a result of the pandemic. Consolidated accounts include the results of companies linked to the...

Around three years ago, the Swiss canton of Jura introduced a minimum wage of CHF 20 an hour (US$ 21.65). Now there is political pressure relook at the move, according to RTS. © Kasto80 | Dreamstime.comA group of cantonal parliamentarians from the PDC (CVP) is pushing for a review of the situation in response to pressure from some young people. The group says that the CHF 20 floor on hourly wages is having a negative effect on the employment prospects of some job seekers, particularly...

At the beginning of the pandemic there were calls to avoid using cash for sanitary reasons. Contactless electronic payment was the recommended method of transacting. © Maksym Kapliuk | Dreamstime.comLast spring cash withdrawals from cash machines sank by 50% in Switzerland, according to the SIX Group. Across the whole of 2020, cash withdrawals from Swiss cash machines was down 23% and contactless payments were up, according to Le Temps. However, despite rising cashless payments and...

During 2020, average annual inflation was –0.7%, according to Switzerland’s Federal Statistical Office (FSO). Since the beginning of 2021 it has begun to rise. © Vlad Ispas | Dreamstime.comIn January 2021 inflation was 0.1%. In February it rose to 0.2% and it March it was 0.3%. Since the end of 2020, Swiss prices have risen by nearly 0.6% (0.56%). If the current inflation rate were to continue until the end of the year annual inflation in Switzerland would hit 2.25%. The sharpest...

This article was first published on 365 club.ch Residents of Switzerland have long grumbled about the nation’s high prices compared to neighbouring countries.  On 19 March 2021, the government moved a step closer to removing two of the competitive barriers inflating Swiss prices. © Ocskay Mark | Dreamstime.comThere are many factors behind Switzerland’s high prices. Chief among them are exclusive import arrangements that allow foreign brand owners to force higher prices on to...

© Germana Marengo | Dreamstime.com As Switzerland’s population ages the number of people paid state pension is rising relative to the number of workers funding it. Since 2014, more has been paid out than has been paid in. The most effective way to fix this imbalance is to raise the pension age. If the average life expectancy of a retiree is 15 years, then raising the pension age by one year will cut the cost by nearly 7%. Switzerland is one of a few countries that...

As Switzerland’s population ages the number of people paid state pension is rising relative to the number of workers funding it. Since 2014, more has been paid out than has been paid in. © Germana Marengo | Dreamstime.comThe most effective way to fix this imbalance is to raise the pension age. If the average life expectancy of a retiree is 15 years, then raising the pension age by one year will cut the cost by nearly 7%. Switzerland is one of a few countries that still has a lower...

© Nikiforov Oleg | Dreamstime.com The economic impact of the Covid-​19 pandemic has hit low-income households far harder than those on high incomes, according to a study published by the KOF Swiss Economic Institute at ETH Zurich. Infection rates rise with income More people in the higher income range reported being infected with Covid-19 than those in lower income groups. Among those with incomes below CHF 4,000, 4% said they had tested positive and a further 8%...

The economic impact of the Covid-​19 pandemic was unequal, hitting low-income households far harder than those on high incomes, according to a study published by the KOF Swiss Economic Institute at ETH Zurich. © Nikiforov Oleg | Dreamstime.comInfection rates rise with incomeMore people in the higher income range reported being infected with Covid-19 than those in lower income groups. Among those with incomes below CHF 4,000 (US$ 4,400), 4% said they had tested positive and a further 8%...

© Marekusz | Dreamstime.com Switzerland’s federal accounts ended 2020 with a record-breaking deficit of CHF 15.8 billion. The deficit was caused by the pandemic. An unexpected CHF 3.6 billion fall in revenue combined with net CHF 12.5 billion in largely unplanned expenses combined to take the overall result CHF 16.1 billion below the expected positive net result of CHF 0.3 billion to deliver a loss of CHF 15.8 billion for the year. Pandemic-related expenditure...