Switzerland Today
Sunny regards from Bern!
Heated debates about the CHF109 billion Credit Suisse rescue package are raging in the Swiss parliament – where raclette and wine are said to have fuelled discussions well into the early hours of the morning.
Finance Minister Karin Keller-Sutter asked: “What signal do you want to give internationally?” If reports of eating cheese (and perhaps leftover Easter chocolate?) and drinking wine whilst talking about banks are true, then the signal Switzerland is sharing with the world is very much in tune with the classic Swiss brand.
But while they deliberated, 11,000 finance jobs remain at risk. How these positions will be impacted in the upcoming months is still uncertain. Might we suggest a transition into the IT sector?
A preview by Inside IT into the Orell Füssli Swiss Salary Book 2023, shows that ICT sector is suffering from a shortage of skilled professionals.
Companies such as PostFinance, the financial services arm of the Swiss Post, have begun to publicly post their competitive salaries, ranging from CHF115,000 ($127,520) to CHF130,000 ($144,150). For IT professionals working in Zürich, their salary is almost 9% higher than the Swiss average.
However, those in the banking sector looking to make a career move may still have to take a pay cut. In 2020, an investment banking associate earned CHF135,005 ($149,700) while a managing director made upwards of CHF279,000 ($309,370). These banking salaries do not include annual bonuses. Somehow, I don’t imagine bankers having to take a pay cut will garner much public sympathy.
In the news: Credit Suisse keeps parliament up all night, bankruptcy rate slows and women pay more for mental health than men.
- Switzerland’s parliament delivered a stinging rebuke to the forced sale of Credit Suisse, with the House of Representatives twice rejecting plans to prop up the deal with CHF109 billion ($97 billion) of state funds. The Senate reluctantly agreed to the bailout package.
- Bankruptcy proceedings against businesses and individuals increased by 6.6% in 2022 compared with 2021. This is a smaller increase than between 2020 and 2021 (+9.1%), but nevertheless remains significant.
- One in 10 teenagers and young adults sought mental healthcare treatment during the Covid-19 pandemic. The cost of mental health treatment for young people in Switzerland is on the rise, with female patients accounting for an ever-larger slice of the bill, according to media research.
Maternity leave leads to increased fertility rates
It appears that paid maternity leave has a positive bearing on fertility rates in Switzerland.
This is the main finding of research published this week in collaboration between the University of Lausanne, the University of London and the University of Technology Sydney.
The study looked at Switzerland’s mandated 14-week paid maternity leave and compared data from women who had given birth prior to and following its implementation on July 1, 2005.
The study shows a marked increase in the number of women having a second child within two years of their first. Not only that, but women also reported improved career prospects.
Operation Deny Flight: 30 years since NATO’s first combat engagement
On April 12, 1993, NATO carried out its first combat operation, enforcing a no-fly zone over Bosnia and Herzegovina. Operation Deny Flight affected the outcome of the Bosnian War and shaped NATO as we know it today.
Switzerland has been providing humanitarian aid to Bosnia and Herzegovina since 1996. Additionally, since 2004 the Swiss Armed Forces have been participating in a peace support capacity as a part of the ALTHEA mission of the European Union (EUFOR).
Two Swiss Liaison and Observation Teams (LOT) in Mostar and Trebinje assess the ongoing situation and mood on the ground and report back to mission headquarters in Sarajevo. The reports allow EUFOR to draw up a picture of the whole country and to spot the potential for conflicts at an early stage.
Watch our report about the Swiss peace support mission in Bosnia and Herzegovina.
Can armament and military support for Ukraine contribute to an end to the war? Or is there a danger that this strategy will lead to further escalation by Russia? Does diplomacy have any chance at all at the moment?
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The war in Ukraine has forced Europe to rethink its security policies. Support for Ukraine is the prevailing doctrine but also controversial. At the same time, discussions are being held in Switzerland on potentially softening the country’s stance on neutrality in support of Ukraine.
What is your opinion?
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