On Tuesday, the Federal Statistical Office (FSO) reported External linkthat in 2019 between 40-50% of people started receiving their pension from their so-called second pillar before the legal retirement age – 65 for men and 64 for women.
Men tend to make this choice more than women – 46% compared to 40%, respectively.
The Swiss pension system is complex, and is based on three so-called pillars: old-age and survivors’ insurance (known as the AVS), occupational pension planning (often referred to as LPP) and private saving for old age encouraged through tax breaks.
The FSO statistics confirm what has been observed on the Swiss labour market. Men can often afford to retire earlier. Fewer men work part time and thus generally have higher salaries than women so are able to contribute more into pension schemes. Men receive CHF2,144 per month from their second pillar (employer) pension compared with CHF1,160 for women.
“It is above all people who can afford to retire earlier,” Giovanni Ferro-Luzzi, professor of economics at the University of Geneva, told Swiss public radio, RTS. According to him, those with higher salaries who retire early often earn a higher pension than those who work till retirement age but earn less.
The vast majority of people who retire early do so voluntarily, while around 7-8% are forced to give up work, he added. But many people choose to continue working after retiring. A recent survey by the Swiss Life insurance group revealed that around half of all respondents to said they could imagine continuing to work after retiring. Around a third said this was already the case.
In Switzerland, the official retirement age is 65 for men and 64 for women. Moves are also in the works to raise the retirement age for the latter, although efforts to reform the country’s pension system are invariably subject to debate; in the past decades, two separate proposals to reform the system were rejected by voters at the ballot box.
The government says that the current situation, what with an ageing population, can only guarantee basic pension payments up to 2030.
More
More
Two out of five Swiss aged 50+ want to work past retirement age
This content was published on
Many Swiss over 50 years old retire early or are deterred from working past the retirement age because of a lack of incentives and job opportunities.
Swiss price watchdog slams excessive prices for generic medicines
This content was published on
The cheapest generic medicines available in Switzerland are more than twice as expensive as in other countries, according to a study by the Swiss price watchdog.
Nature should not figure in net zero calculations: academic study
This content was published on
The natural removal of CO2 from the atmosphere by forests or oceans should not be included in the net-zero balance of climate protection measures, argue researchers.
This content was published on
None of the 15 major Swiss retail banks is meeting international climate and biodiversity targets, according to a ranking by WWF Switzerland.
This content was published on
Nestlé's new CEO Laurent Freixe, has presented plans for the future of the world's largest food company, after his first few weeks in office.
Swiss foreign minister calls on Moscow to end Ukraine war
This content was published on
It's high time Moscow ended its war against Ukraine, Swiss foreign minister Ignazio Cassis tells the UN Security Council.
This content was published on
The only alternative to the UN Palestinian agency’s work in Gaza is to allow Israel to run services there, Philippe Lazzarini, UNRWA Commissioner-General, told reporters in Geneva on Monday.
Study reveals food culture differences between Switzerland and neighbours
This content was published on
Three-quarters of Swiss people consider eating to be a pleasurable, social activity, a new survey reveals. Healthy eating, however, plays a much less important role, it found.
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.
Read more
More
Half of Swiss see themselves working beyond retirement age
This content was published on
Around a third of respondents to a survey by the Swiss Life insurance group said they were already working, although officially retired.
Majority of Swiss opt for early retirement, says survey
This content was published on
Six people out of ten (58%) stop working before the official retirement age in Switzerland, reports the NZZ am Sonntag newspaper.
This content was published on
The second-floor office in the Regional Employment Centre (RAV) serving central Bern is full of large plants. Birds twitter outside the windows, and the sun shines in. Spring has sprung in the Swiss capital, but the people coming to RAV aren’t necessarily enjoying the weather. They’ve lost their jobs, and finding a new one can…
Pension reform in Switzerland: a democratic balancing act
This content was published on
All major efforts since 2003 at reforming the Swiss pension system have failed. Is this a case of democracy meeting its limits?
Planned pension reform sees women working a year longer
This content was published on
The Swiss government plans to incrementally increase the retirement age of women to 65 while offering incentives for all people to work longer.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.