On Sunday 22 September, the Swiss rejected by a wide margin the government's plan to reform the federal law on pension plans (BVG), in a vote initiated by left-wing parties and trade unions. Some 67.1% of votes were cast against the amendment, with all the cantons in opposition. The prospect of a reduction in pension income of around 12% put off a large majority of citizens.
In recent years, Switzerland’s three-pillar pension system has come under fire from governments and social partners. The first pillar consists of the compulsory state-run old age, survivors, and disability insurance (AHV), the second of occupational pension funds funded in equal proportions by contributions from employees and employers, and the third of optional private savings with tax incentives provided by the state.
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Article authors
Thomas Schnee
Correspondent in Germany
As a Berlin correspondent for the French and Swiss press since the late 1990s, I cover a wide range of economic, political and social issues, with a particular focus on the German business and labour market. My areas of interest include co-determination, digitalisation, demographics and ESG/DEI policies.