Tag Archive: Personal finance

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 low-income earners hit far harder despite lower Covid-19 infection rates

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.

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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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6 billion franc Swiss National Bank payment after new agreement

Switzerland’s Federal Department of Finance (FDF) and the Swiss National Bank (SNB), Switzerland’s central bank, have signed a new agreement on how SNB profits can be distributed.

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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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New Swiss initiative to further restrict construction

Land use is strictly governed in Switzerland. However, a new initiative, which aims to increase construction restrictions further, recently gathered enough signatures to qualify for a a popular vote.

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Rising numbers struggling to pay rent in Switzerland

Nearly 44% of renters surveyed said that coming up with the money pay rent is now harder than it was before Covid-19, according to ASLOCA, a renters’ association.

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Immigration slowdown hits Swiss rents

In 1999, Switzerland signed a deal with the EU allowing free movement of people between Switzerland and the bloc. The deal came into force in 2002. This led to a rise in immigration into Switzerland, which in turn eventually led to rising rents.

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Swiss Unemployment Falls in June 2020

The number unemployed in Switzerland at 30 June 2020, fell 5,709 in June to 159,289, according to the State Secretariat for the Economy (SECO). Switzerland’s unemployment rate fell from 3.4% to 3.2%. However, despite improving on May 2020, the number unemployed was 53,067 (+54.6%) higher than at the end of June 2019.

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Coronavirus: national lockdown not part of Switzerland’s second wave response plan

Switzerland’s federal government is against imposing nationwide restrictions to slow the spread of a second wave on infections, according to the NZZ am Sonntag newspaper. The federal government plan, which is under development, is more regional than the response to the first wave of infections and focuses decision making power at the cantonal level, reported the newspaper.

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