Previous post Next post

Workers paid in euros may not claim for currency losses

Workers paid in euros may not claim for currency losses

The two employees demanded they be reimbursed for losses in exchange rates

The Swiss Federal Court has ruled that two Swiss companies do not have to compensate two employees who were paid in euros and who ended up with less than their franc-earning colleagues.

Explaining its decisionexternal link on Tuesday, the country’s highest court said the cross-border workers from Germany and France had agreed to a corresponding change to their contracts in 2011 – knowing what it meant for their salaries – and therefore any subsequent demands for compensation were unlawful.

The two companies, in canton Schaffhausen and Jura, paid the two employees in euros for several years – at a disadvantageous rate for the two employees compared with colleagues who were paid in francs.

The two workers demanded they be paid the difference for the years 2015 – when a euro cap on the franc was scrapped, causing the franc to shoot up 30% in value against the euro – and 2016. Last year the court of appeal in canton Schaffhausen awarded one plaintiff CHF20,475 ($20,785) and in 2017 the cantonal court in Jura awarded the other one CHF18,881.

Both companies appealed, and on Tuesday the Federal Court in Lausanne rule in their favour.

Full story here
About Swissinfo
Swissinfo
SWI swissinfo.ch – the international service of the Swiss Broadcasting Corporation (SBC). Since 1999, swissinfo.ch has fulfilled the federal government’s mandate to distribute information about Switzerland internationally, supplementing the online offerings of the radio and television stations of the SBC. Today, the international service is directed above all at an international audience interested in Switzerland, as well as at Swiss citizens living abroad.
Previous post See more for 3) Swiss Markets and News Next post
Tags: ,

Permanent link to this article: https://snbchf.com/2019/01/workers-paid-euros-may-claim-currency-losses/

Leave a Reply

Your email address will not be published.

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>

This site uses Akismet to reduce spam. Learn how your comment data is processed.