Pension reform critics launch referendum campaign

Left-wing parties and trade unions say proposed pension reforms mean paying more for less. © Keystone / Anthony Anex

Left-wing parties and trade unions have launched a signature-gathering campaign for a referendum against occupational pension reforms they say will mean paying more for less.

The proposed reforms, approved by parliament this spring, will lead to pension cuts of up to CHF3,240 ($3,542) per year, they said in a statement.

Swiss Trade Union Federation president Pierre-Yves Maillard said pensions are already falling and the reform is “outdated”. It would penalise women again, he said, after voters came out in favour of raising the retirement age for women as part of state pension reform.

As in neighbouring France, where pension reforms have provoked weeks of protests, the Swiss pension system is under pressure particularly because of an aging population.

The critics in Switzerland have until July 6 to collect the necessary 50,000 signatures to force a referendum against the occupational pension reforms.

At the centre of the reforms 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 pot would be lost at a stroke.