In its meeting on Friday, the Federal Council agreedExternal link on the timeline for the implementation of the pension scheme reform that was approved by voters in September. This includes raising the retirement age for women to 65 from 64. This will be done in four stages starting with women born in 1961. By 2028, the retirement age will be 65 for everyone.
A value added tax increase, also approved in the September vote, will go into effect as of January 1, 2024. This includes an increase from 7.7% to 8.1% for the standard value added tax. This is expected to help pay for pensions and make the system financially sustainable as the Swiss population ages.
On September 25, 2022, about 50.6% of voters came out in favour of raising women’s retirement age to 65 from 64 while 55.1% endorsed an increase in value added tax. This is considered an important part of ensuring pensions for the next generation amid rising life expectancy, creating more demands on the system.
Final consultation on the planned adjustments is underway until March 24, 2023.
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Third of pensioners can continue to save in old age
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Many retirees in Switzerland can continue to put money aside, with a majority also willing to bequeath the money they have saved.
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A slim majority of voters has endorsed a proposed reform of the basic old-age pension scheme in a ballot billed as key in Swiss politics.
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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.