The Swiss parliament has approved a proposal to make Switzerland's state pension scheme available to European Union citizens.This content was published on June 22, 2000 - 14:53
The House of Representatives followed the Senate in approving the bill, which will also double the minimum contribution to SFr648 a year in a bid to get the scheme out of the red.
Under the new law, EU citizens will be able to enjoy the same pension benefits as Swiss expatriates.
To qualify, EU citizens must have been resident in Switzerland for at least five years, and the pension scheme of the country in which they living must be inferior to the Swiss one.
A fully paid up member of the Swiss state pension scheme receives roughly one quarter of his or her final salary on retirement.
The individual is expected to make up the balance through a private or employer's pension scheme and private savings.
swissinfo with agencies
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