"Revolt of the young": Swiss to vote on reform of pension system

Saturday, July 17, 2021

By Silke Koltrowitz

ZURICH (Reuters) - Swiss voters are to get a fresh chance to decide on reforming their increasingly underfinanced state pension system under a proposal that would raise both men's and women's retirement ages to 66 at first, and to just over 67.5 by 2050.

Ageing populations and ultra-low interest rates are putting pressure on pension systems everywhere, and many countries have already raised retirement ages. Recent attempts to initiate a reform through the Swiss system of direct democracy have failed at the ballot box.

Now the Young Liberals, youth wing of the business-friendly Liberal Democratic Party (FDP), are having another go.

Under the slogan "Revolt of the Young", they submitted 145,000 signatures to authorities in Bern on Friday to force a referendum on a proposal to bring the retirement age to 66 by 2032, from the current 64 for women and 65 for men.

"The reform discussed in parliament doesn't go far enough. It only secures the system for a few years, but the big problem comes afterwards," said Patrick Eugster, president of the initiative committee.

"We need a sustainable solution now," he said. "If people live longer, they also have to work a bit longer."

The proposal would raise the retirement age more slowly from 2032, in line with average life expectancy.

The initiative needs validation from parliament, and a referendum would then be expected in around three years.

Critics say the reform is unfair to women, whose retirement age would rise faster, and would only benefit the wealthy.

"People with low and medium incomes would be working longer to improve the financing of the pension system so the rich don't have to contribute more," said Cedric Wermuth, co-president of the Social-democratic Party (SP).

Thomas Bauer of the employee organisation TravailSuisse said the move would lead to more older workers being registered as unemployed or disabled.

Switzerland's pension system rests on two mandatory pillars, the Old Age and Survivors' Insurance (AHV) and the occupational benefits insurance (BVG) or "pension fund", and a third, voluntary pillar for private savings. Since 2014, the AHV has been paying out more than it takes in, with the problem bound to intensify as the baby-boomer generation retires.

The UBS International Pension Gap Index published in June found reforms were urgently needed in Switzerland as the ratio of active to retired people, currently at just above three to one, was likely to fall to just two to one by 2050.

Leave your comment
31-07-2021 20:21:56 (UTC+7)

EUR/USD

1.1871

-0.0015 (-0.13%)

Summary

↑ Sell

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (1)

Sell (7)

EUR/USD

1.1871

-0.0015 (-0.13%)

Summary

↑ Sell

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (1)

Sell (7)

GBP/USD

1.3902

-0.0059 (-0.42%)

Summary

Sell

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (1)

Sell (8)

USD/JPY

109.72

+0.26 (+0.24%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (7)

Sell (1)

AUD/USD

0.7345

-0.0050 (-0.68%)

Summary

Neutral

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (3)

Sell (6)

USD/CAD

1.2472

+0.0028 (+0.23%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (5)

Sell (1)

EUR/JPY

130.25

+0.13 (+0.10%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (5)

Sell (3)

EUR/CHF

1.0751

-0.0021 (-0.19%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (4)

Sell (3)

Gold Futures

1,812.30

-18.90 (-1.03%)

Summary

Neutral

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (3)

Sell (5)

Silver Futures

25.547

-0.235 (-0.91%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (4)

Sell (2)

Copper Futures

4.4785

-0.0450 (-0.99%)

Summary

Buy

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (5)

Sell (3)

Crude Oil WTI Futures

73.72

+0.10 (+0.14%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (4)

Sell (5)

Brent Oil Futures

75.14

+0.04 (+0.05%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (6)

Sell (1)

Natural Gas Futures

3.915

-0.144 (-3.55%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (0)

Sell (9)

US Coffee C Futures

180.38

-16.12 (-8.20%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (2)

Sell (5)

Euro Stoxx 50

4,089.30

-27.47 (-0.67%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

S&P 500

4,395.26

-23.89 (-0.54%)

Summary

Buy

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (6)

Sell (2)

DAX

15,544.39

-96.08 (-0.61%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (8)

FTSE 100

7,032.30

-46.12 (-0.65%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (7)

Hang Seng

25,908.00

-335.62 (-1.28%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

US Small Cap 2000

2,223.25

-16.78 (-0.75%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (8)

Sell (0)

IBEX 35

8,675.70

-110.60 (-1.26%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

BASF SE NA O.N.

66.310

-0.535 (-0.80%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (0)

Sell (11)

Bayer AG NA

50.36

-0.71 (-1.39%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (0)

Sell (9)

Allianz SE VNA O.N.

210.35

-1.30 (-0.61%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (1)

Sell (9)

Adidas AG

306.85

-1.92 (-0.62%)

Summary

↑ Sell

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (0)

Sell (10)

Deutsche Lufthansa AG

9.548

-0.332 (-3.36%)

Summary

Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (5)

Sell (3)

Siemens AG Class N

131.82

-1.24 (-0.93%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (0)

Sell (10)

Deutsche Bank AG

10.685

-0.170 (-1.57%)

Summary

Sell

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (2)

Sell (5)

 EUR/USD1.1871↑ Sell
 GBP/USD1.3902Sell
 USD/JPY109.72↑ Buy
 AUD/USD0.7345Neutral
 USD/CAD1.2472↑ Buy
 EUR/JPY130.25↑ Buy
 EUR/CHF1.0751↑ Buy
 Gold1,812.30Neutral
 Silver25.547↑ Buy
 Copper4.4785Buy
 Crude Oil WTI73.72↑ Sell
 Brent Oil75.14↑ Buy
 Natural Gas3.915↑ Sell
 US Coffee C180.38Neutral
 Euro Stoxx 504,089.30↑ Sell
 S&P 5004,395.26Buy
 DAX15,544.39↑ Sell
 FTSE 1007,032.30↑ Sell
 Hang Seng25,908.00↑ Buy
 Small Cap 20002,223.25↑ Buy
 IBEX 358,675.70↑ Sell
 BASF66.310↑ Sell
 Bayer50.36↑ Sell
 Allianz210.35↑ Sell
 Adidas306.85↑ Sell
 Lufthansa9.548Buy
 Siemens AG131.82↑ Sell
 Deutsche Bank AG10.685Sell
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank5,660/ 5,720
(0/ 0) # 643
SJC HCM5,655/ 5,725
(-15/ -15) # 688
SJC Hanoi5,655/ 5,727
(-15/ -15) # 690
SJC Danang5,655/ 5,727
(-15/ -15) # 690
SJC Nhatrang5,655/ 5,727
(-15/ -15) # 690
SJC Cantho5,655/ 5,727
(-15/ -15) # 690
Cập nhật 31-07-2021 20:21:57
Xem lịch sử giá vàng SJC: nhấn đây!
ↀ Giá vàng thế giới
$1,813.62-16.91-0.92%
Live 24 hour Gold Chart
ʘ Giá bán lẻ xăng dầu
Sản phẩmVùng 1Vùng 2
RON 95-IV2178022210
RON 95-II,III2168022110
E5 RON 92-II2049020890
DO 0.05S1637016690
DO 0,001S-V1672017050
Dầu hỏa1539015690
ↂ Giá dầu thô thế giới
WTI$73.40+0.280.38%
Brent$75.06+0.020.03%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD22.820,0023.050,00
EUR26.579,9627.963,10
GBP31.210,5432.514,30
JPY204,45215,17
KRW17,3221,09
Cập nhật lúc 18:51:26 31/07/2021
Xem bảng tỷ giá hối đoái