Trade unions call on Swiss central bank to bail out pensions
Date
2/11/2022 10:23:28 PM
(MENAFN- Swissinfo)
Trade unionists believe their plan would play the right cards for the ailing Swiss pension system. © Keystone / Gaetan Bally
The Swiss Trade Union Federation is gathering signatures to force a nationwide vote on using central bank profits to boost the country's ailing pension system.
This content was published on February 11, 2022 - 18:50 February 11, 2022 - 18:50 swissinfo.ch/mga
The initiative, which was launched on Friday, would need 100,000 supporters to trigger a future vote on the proposal.
At present, the Swiss National Bank (SNB) distributes up to CHF6 billionExternal link ($6.5 billion) between cantons and the federal government during profitable years.
Trade union leaders want this amount to be increased to between CHF8 billion and CHF10 billion, with the extra cash (CHF2-4 billion) being allocated to Swiss pensions.
Federation chief economist Daniel Lampart said the SNB has amassed more than CHF1 trillion in shares, bonds and gold and that CHF100 billion of this is just“sitting around in the central bank's basement”.
In the meantime, the state pension schemeExternal link is soon forecast to slip into the red. Efforts to reform pensions have repeatedly been struck down by Swiss voters .
The latest plan to raise the age of retirementExternal link may also go to a nationwide vote.
Previous proposals to use the proceeds of a central bank sale of gold reserves to shore up the pension system were rejected by voters in 2002External link and by parliament two years laterExternal link .
The SNB, which expects to achieve a profit of CHF26 billionExternal link from 2021, has not commented on the latest trade union proposal.
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