However, voters are likely to have the final say on the issue as political parties on the left, possibly backed by the main farmer’s organisation, have announced they will challenge the reform via a referendum.
The legal amendment approved by parliament is intended to secure the level of the occupational pension, strengthen financing and improve the protection of part-time employees, notably women.
At the centre of the reform is a reduction in pensions, which will be balanced by various compensatory measures. The minimum conversion rate at which saved capital is converted into a pension is to be reduced from 6.8% to 6%. This would mean that 12% of the pension would be lost at a stroke.
Pressure
Occupational pensions, set up by employers, have been under pressure due to rising life expectancy and low interest rates.
It took both chambers of parliament over 90 hours of discussions to agree a final comprise.
Interior Minister Alain Berset told parliament this week that a reform of the system is necessary even if the issue will most likely go to a nationwide vote.
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Thousands of retired Swiss seniors falling into poverty
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While most senior citizens in Switzerland can comfortably make ends meet, one in five is living either below or close to the poverty line.
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