Tag Archives: Personal finance

The coronavirus could cost Switzerland CHF 40 billion by the end of 2020, according to the Federal Council. © Pascal Halder | Dreamstime.comOn 11 June 2020, the Council of States, Switzerland’s upper house followed parliament in approving to extend the coronavirus budget by CHF 14.9 billion. The sum includes money to fund a hole in the unemployment benefits system (14.2 billion) and support the sporting industry (0.2 billion). In May 2020, parliament approved an overall sum of CHF 57...

Switzerland’s highest court recently decided that an employee asked to work at home can claim a part of their rent from their employer, according to the newspaper 20 Minutes. © Ronstik | Dreamstime.comAn employee of a financial firm in Zurich, who got into a disagreement with their employer over the reimbursement of some of their rent, took their case to the Federal Tribunal, Switzerland’s highest court. The rental reimbursement related to the use of the employee’s home as an office....

© Francisco Javier Zea Lara | Dreamstime.com In Switzerland, the finances of hospitals are similar to those of a business. If revenues fall, as they did during the coronavirus pandemic, profits can turn into losses. During the recent phase of the pandemic, non-urgent operations were postponed to free up hospital capacity to care for serious Covid-19 cases. Postponing these operations has left a large hole in hospital revenue. Fears of infection have kept others away...

In Switzerland, the finances of hospitals are similar to those of a business. If revenues fall, as they did during the coronavirus pandemic, profits can turn into losses. © Francisco Javier Zea Lara | Dreamstime.comDuring the recent phase of the pandemic, non-urgent operations were postponed to free up hospital capacity to care for serious Covid-19 cases. Postponing these operations has left a large hole in hospital revenue. Fears of infection have kept others away from hospitals, further...

The rate on deposits at the Swiss National Bank (SNB) is currently -0.75%. And while taking the rate further into negative territory is not the base case scenario, it cannot be excluded, according to some economists at the bank UBS. © Marekusz | Dreamstime.comThe probability that the SNB lowers rates further is not a base scenario, according to Thomas Jordan, the bank’s chief, reported the newspaper 20 Minutes. However, economists at UBS think it is possible, and give it a 30%...

© Spacedrone808 | Dreamstime.com The unemployment rate in Switzerland rose to 3.3% in April 2020, up from 2.9% the month before, a rise of nearly 14%. By 30 April 2020, there were 153,413 people registered as unemployed at Switzerland’s regional placement offices. Young workers were the hardest hit. Unemployment among those aged 15 to 24 rose by 18.1% compared to March 2020 and by 61.3% compared to April 2019. By the end of April 2020 there were 17,191 people in this...

Consumer sentiment in Switzerland in April 2020 reached a historic low. The coronavirus has dampened expectations for general economic development and employment and the population is bracing itself for tough financial times, according to the survey. © Michael Müller | Dreamstime.comSwiss consumer sentiment fell from −9 points in January 2020 to −39 points in April 2020, a level well below the level seen in the 2008-2009 financial crisis. The only other time consumer sentiment was...

The unemployment rate in Switzerland rose to 3.3% in April 2020, up from 2.9% the month before, a rise of nearly 14%. © Spacedrone808 | Dreamstime.comBy 30 April 2020, there were 153,413 people registered as unemployed at Switzerland’s regional placement offices. Young workers were the hardest hit. Unemployment among those aged 15 to 24 rose by 18.1% compared to March 2020 and by 61.3% compared to April 2019. By the end of April 2020 there were 17,191 people in this age group out of...

Coop and Migros, Switzerland’s two largest supermarkets have decided to limit the number of people entering their stores, creating queues outside, according to RTS. To reduce the spread of Covid-19, shopper density has been reduced to one person per 10 m2, which drastically reduces the number of people allowed inside simultaneously. In addition, shopping in the two chains has been restricted to the food section. Other areas have been closed. On top of the hassle of needing to queue,...

 © Michael Müller | Dreamstime.com In 2019, the Swiss National Bank (SNB) made a profit of around CHF 49 billion. These profits came mainly from the rising value of the assets on the bank’s balance sheet. In 2019, the value of its holdings of foreign currency and gold rose substantially. When combined with interest, dividend income and gains on shares total profits for the year were CHF 49 billion. When combined with past retained profits, the SNB’s total accumulated...