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Swiss vote to give themselves a bigger pension (www.bbc.co.uk)

submitted 8 months ago by misk@sopuli.xyz to c/europe@feddit.de

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[–] moitoi@feddit.de 35 points 8 months ago

The title is misleading. Switzerland pension system is complex and divided by redistribution and capitalization.

The vote of today concerns the pension by redistribution – the first pillar. Employers and employees are contributing for this part of the system as a percentage of the salary. The maximal pension is 2500 Swiss francs (2’829 USD). People will receive a rise equivalent to 1/12 of the yearly pension.

The pension by capitalization – second pillar – follow the same system, with employers and employees contributing for it. But, it is not concern by the vote.

First and second pillar are mandatory by law. In Switzerland, you have a third pillar, which isn't mandatory. It's mostly investment, like life insurance.