Switzerland Today
Dear Swiss Abroad,
the voting on the two pension issues is done and dusted. It seems like the Swiss do not want to work longer but want more money in old age. Now comes the tricky part of figuring out how to pay for it.
Pensions vote: ‘yes’ to higher pensions, ‘no’ to retiring later
The results are in. On Sunday, 58.2% of Swiss voters, and a majority of cantons, backed the “Better living in retirement” initiative, which will grant an additional 13th monthly pension payment to help retirees struggling to make ends meet in the face of rising living costs.
In a separate vote, 74.7% of citizens rejected a people’s initiative which aimed to ensure the long-term financing of the pension system by gradually raising the retirement age from 65 to 66 over the next decade, then pegging it to life expectancy.
Now that the people have voted, the next debate will revolve around how all this will be paid forExternal link.
Here are our five takeaways from the vote, including support for the Swiss Abroad retirees.
In the news: Jet engine trouble, inflation optimism, national bank loss and AI potential
Swiss International Airlines had to ground three aircraftExternal link due to engine trouble with maintenance work on eight planned. It is assumed that the problem with the engines will continue until 2026. Last year, SWISS experienced delays in flight operations due to problems with the Pratt & Whitney engines.
At 1.2% in February, inflation in Switzerland is lowerExternal link than it has been since October 2021. Inflation in Switzerland peaked at 3.5% in the summer of 2022. In June 2023 it fell below the 2% for the first time since January 2022.
The Swiss National Bank (SNB) reported a definitive loss External linkof CHF3.2 billion ($3.6 billion) for the 2023 reporting year, following a huge loss of CHF132.5 billion in 2022. The SNB achieved a profit on its foreign currency positions and its gold holdings but incurred a negative result from its Swiss franc positions.
Switzerland has the highest growth potential in the field of generative artificial intelligence (GenAI) among 20 industrialized countries, according to a PwC report. GenAI refers to all forms of artificial intelligence that can analyse and recreate content of all kinds, such as text, images, or sound. The sector could drive an increase in gross domestic product by tens of billions.
Swiss Abroad reminisces: Former Swiss NASA chief on upsides of living away from home
Thomas Zurbuchen, the former Science Director at United States space agency NASA, was born and educated in Switzerland before moving to the US for over two decades. He launched several successful space missions at NASA between 2016 and the end of 2022. He eventually returned to Switzerland and has been the head of ETH Zurich Space since last summer.
Zurbuchen tells SRF about his relationship with his father External linkand how he felt that he could do whatever he wanted in the US because there was nobody to disappoint.
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