Category Archive: 3.) Personal Finance

Average Swiss household income reaches nearly 115,000 francs

The gross mean household income in Switzerland was CHF 114,984 (US$ 125,000) in 2019, according to the Federal Statistical Office (FSO). Overall, 40% of households in Switzerland had income over this mean while 60% brought in less.

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Swiss Federal Council rejects two votes on pension reform

This week, the Federal Council rejected two very different initiatives aimed at changing the state pension system. In common with much of the developed world, Switzerland is facing a large gap between the money required to fund state pensions and the money flowing in to pay for them, a challenge driven by increasing life expectancy, a rise in the number of pensioners as the population ages and the way the system is funded.

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Lights out – Geneva to cut lights to save electricity

This week, the government of the canton of Geneva changed a law to require non residential buildings, with some exceptions, to switch off their lights at night between 1am and 6am.

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Swiss government deficit for 2021 revised down

The latest forecast for 2021 shows a deficit of CHF 14.8 billion, down CHF 2.6 billion from an earlier forecast shortfall of CHF 17.4 billion. The deficit is driven mainly by the extraordinary cost of responding to the Covid-19 pandemic.

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Swiss unemployment down, especially among young

Unemployment fell from 2.7% to 2.6% in September 2021 in Switzerland, with a sharp drop among those aged 15 to 24, reported RTS. By the end of September 2021, just over 200,000 people were looking for employment in Switzerland according to Switzerland’s standard measure, which is focused on those registered with the official unemployment office, something required to collect unemployment benefits.

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Swiss pandemic spending low when compared internationally

The think tank Avenir Suisse has calculated that in 2020 the Swiss federal government spent CHF 5 per person per day on the pandemic, a total of CHF 41 million a day.

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Swiss heirs must repay 15 years of illegally claimed welfare

In 2016, the social security office in Zurich discovered a concealed bank account containing CHF 1 million belonging to a deceased man who had received welfare payments for 13 years, reported RTS.

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Swiss flood damage could cost half a billion francs

Switzerland’s four largest buildings insurers estimate the costs of recent weather events could reach half a billion francs across Switzerland, reported RTS. According to Grégoire Deiss, who works for the cantonal buildings insurer ECAB in Fribourg, the cost of recent storms and flooding could be around CHF 500 million across all of Switzerland, a figure he based on claims that have been made so far.

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Price comparison site Comparis customer data exposed in ransomware attack

On 9 July 2021, the Swiss price comparison website Comparis revealed that it had been the victim of a ransomeware cyber attack on Wednesday, 7 July 2021. According to Comparis, the attack occurred in the morning. Comparis took down several of its sites as a security measure. The attackers demanded money in exchange for decrypting data.

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Swiss social spending up nearly 60 percent in 20 years

In 1999, social expenditure in Switzerland was CHF 13,370 per resident. By 2019, the same figure had reached CHF 21,300, a rise of nearly 60%. Over the same period, total inflation was around 11%. Applying inflation to CHF 13,370 brings the figure to CHF 14,480. Why has the cost risen beyond this and how has the extra spending been funded?

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Swiss Unemployment Continues to Fall in May

By the end of May 2021, the percentage of Switzerland’s workforce registered as out of work had fallen to 3.1%, down from 3.3% in April 2021. The figures are based on those registered as unemployed at regional employment centres and exclude many of those that have been out of for more than two years and have exhausted their rights to collect unemployment benefits.

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Swiss consumer sentiment nearly back to pre-crisis level

Consumer sentiment among Swiss households is improving, according to Switzerland’s economic affairs office (SECO). © Rosaria De Marco | Dreamstime.comIn April 2021, the consumer sentiment index climbed back to -7 points after reaching a low of -40 in early 2020. The level of -7 is close to the pre-crisis level of early 2020 and close to its long term average of -5. The primary reason for the rise in consumer sentiment is a...

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Swiss upper house votes to raise pension age for women

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%.

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Switzerland’s record breaking deficit in 2020

Switzerland’s federal accounts ended 2020 with a record-breaking deficit of CHF 15.8 billion. The deficit was caused by the pandemic.

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Poverty in Switzerland: fresh data on those struggling to get by

In 2019, the poverty line in Switzerland was CHF 27,348 (US$ 30,500) for a single person and CHF 47,712 (US$ 53,200) for a couple with two young children. The figures are calculated by SKOS based on the cost of living in Switzerland. People with incomes below these levels in Switzerland are considered to by living in poverty.

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Middle class shrinks in Switzerland

Statistics published at the end of January 2021 show a fall in the percentage of the population included in the definition of middle class in Switzerland.

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Swiss rents and property prices up in 2020 due to pandemic

The pandemic had a significant impact on Swiss real estate prices in 2020, according to industry experts.

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Switzerland’s population happy with the health system, according to survey

Switzerland’s health system is rated highly by the public, according to the latest survey conducted in eleven countries by the Commonwealth Fund Foundation.

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Swiss government promises one billion francs for Covid hit businesses

This week, Switzerland’s federal government decided to increase aid money to Covid hit businesses to CHF 1 billion.

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Public worker absenteeism costs Geneva 285 million francs a year

Public worker absenteeism in Geneva costs at least CHF 285 million, according to Heidi.news, which calculated the sum based on information contained in an internal document.

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