Berliner Boersenzeitung - Swiss back pension reform, hiking retirement age for women: projections

EUR -
AED 4.050373
AFN 75.796586
ALL 98.860698
AMD 427.838864
ANG 1.992353
AOA 1040.436619
ARS 1069.934992
AUD 1.606013
AWG 1.987682
AZN 1.875398
BAM 1.953677
BBD 2.232125
BDT 132.109406
BGN 1.9554
BHD 0.415706
BIF 3222.996938
BMD 1.102736
BND 1.424552
BOB 7.638871
BRL 6.000648
BSD 1.105523
BTN 92.85392
BWP 14.574291
BYN 3.61785
BYR 21613.634233
BZD 2.228329
CAD 1.491076
CDF 3164.300682
CHF 0.937558
CLF 0.036434
CLP 1005.331372
CNY 7.77076
CNH 7.765425
COP 4612.867832
CRC 571.171427
CUC 1.102736
CUP 29.222516
CVE 110.147778
CZK 25.358198
DJF 196.860496
DKK 7.458733
DOP 66.916359
DZD 146.621588
EGP 53.361018
ERN 16.541047
ETB 132.218993
FJD 2.424201
FKP 0.839799
GBP 0.835891
GEL 3.015977
GGP 0.839799
GHS 17.466412
GIP 0.839799
GMD 77.191377
GNF 9544.496299
GTQ 8.545789
GYD 231.183968
HKD 8.563261
HNL 27.513431
HRK 7.497517
HTG 145.764213
HUF 400.304622
IDR 16994.050737
ILS 4.175627
IMP 0.839799
INR 92.55879
IQD 1444.584737
IRR 46425.203728
ISK 149.486911
JEP 0.839799
JMD 174.44802
JOD 0.781514
JPY 161.611557
KES 142.606298
KGS 93.073326
KHR 4506.183975
KMF 491.103789
KPW 992.462171
KRW 1469.032338
KWD 0.337294
KYD 0.92122
KZT 534.181511
LAK 24364.961804
LBP 98750.047989
LKR 326.122932
LRD 213.654973
LSL 19.22504
LTL 3.256094
LVL 0.667034
LYD 5.232499
MAD 10.783224
MDL 19.340417
MGA 5017.450905
MKD 61.548104
MMK 3581.644943
MNT 3747.098375
MOP 8.840592
MRU 43.833786
MUR 51.133985
MVR 16.926707
MWK 1913.78417
MXN 21.463866
MYR 4.649688
MZN 70.437287
NAD 19.165731
NGN 1842.73876
NIO 40.542148
NOK 11.679203
NPR 148.562507
NZD 1.767588
OMR 0.424543
PAB 1.105498
PEN 4.104941
PGK 4.326862
PHP 62.084611
PKR 306.147228
PLN 4.297072
PYG 8613.832945
QAR 4.014788
RON 4.9761
RSD 117.009183
RUB 105.476251
RWF 1497.352167
SAR 4.138868
SBD 9.14438
SCR 15.380961
SDG 663.290373
SEK 11.348614
SGD 1.428292
SHP 0.839799
SLE 25.194553
SLL 23123.826118
SOS 631.8047
SRD 34.149546
STD 22824.417902
SVC 9.672706
SYP 2770.658318
SZL 19.220545
THB 36.43165
TJS 11.751334
TMT 3.870605
TND 3.357826
TOP 2.582713
TRY 37.736424
TTD 7.49802
TWD 35.3636
TZS 3004.957032
UAH 45.624425
UGX 4060.678525
USD 1.102736
UYU 46.050366
UZS 14101.282522
VEF 3994720.687263
VES 40.660405
VND 27287.21322
VUV 130.919086
WST 3.084864
XAF 655.235914
XAG 0.034927
XAU 0.000416
XCD 2.980201
XDR 0.815821
XOF 648.95756
XPF 119.331742
YER 276.042531
ZAR 19.156225
ZMK 9925.955458
ZMW 28.936205
ZWL 355.080684
  • RYCEF

    0.0100

    6.91

    +0.14%

  • RBGPF

    59.9900

    59.99

    +100%

  • CMSC

    0.0100

    24.78

    +0.04%

  • CMSD

    -0.0100

    24.93

    -0.04%

  • NGG

    -1.2700

    68.78

    -1.85%

  • GSK

    -0.8500

    39.45

    -2.15%

  • VOD

    -0.2100

    9.74

    -2.16%

  • SCS

    -0.3300

    12.87

    -2.56%

  • RIO

    -0.3400

    70.82

    -0.48%

  • RELX

    -0.0500

    47.29

    -0.11%

  • BCC

    -1.8600

    139.53

    -1.33%

  • JRI

    -0.1500

    13.38

    -1.12%

  • AZN

    0.9100

    79.58

    +1.14%

  • BTI

    -0.4800

    35.97

    -1.33%

  • BCE

    -0.3900

    34.44

    -1.13%

  • BP

    0.2800

    32.37

    +0.86%

Swiss back pension reform, hiking retirement age for women: projections
Swiss back pension reform, hiking retirement age for women: projections / Photo: Fabrice COFFRINI - AFP

Swiss back pension reform, hiking retirement age for women: projections

Swiss voters appeared set Sunday to narrowly accept the government's divisive pension reform plan, which would raise the retirement age for women, while snubbing a push to ban factory farming.

Text size:

Shortly after polling stations closed at noon (1000 GMT), the gfs.bern polling institute projected that Swiss had voted to reform their pension system for the first time in more than a quarter of a century.

Bern has long argued the need to "stabilise" the country's old-age security system, under pressure as life expectancy rises and the giant baby-boomer generation reaches retirement age.

The government has seen its attempts to introduce similar pension reform plans thwarted in the polls twice before, in 2004 and 2017, but gfs.bern projected that separate votes on different aspects of the reform had both passed.

Early results indicated that 51 percent of voters had opted for the most controversial part of the reform, involving hiking women's retirement age by one year, gfs.bern said an hour after polls closed.

A separate vote on boosting funding for the reform through a sales tax hike was meanwhile on track to pass with 56-percent support, the pollster said.

If those numbers are confirmed, women will need to work until the age of 65, the same age as the current retirement age for men, before receiving a full pension.

- Gender pension gap -

Parliament approved the key measures, which include a sales tax hike, last year, but left-leaning parties and unions decry the reform "on the backs of women" and pushed the issue to a referendum under Switzerland's direct democratic system.

While backers of the reform argued that men and women retiring at the same age is not unreasonable, the plan sparked significant pushback, especially from women.

This result "is painful for the left and the unions, but especially for the people it will affect," Socialist Party parliamentarian Samuel Bendahan told the RTS public broadcaster.

Opponents argued that women face significant discrimination and a broad gender pay-gap in Switzerland, meaning they receive far smaller pensions than men.

They argued it was unfair to increase their retirement age without first addressing those issues.

In 2020, women in Switzerland on average received pensions nearly 35 percent smaller than men, according to the Swiss economy ministry.

Polls ahead of Sunday's vote revealed deep divisions between the sexes, one Tamedia poll showing 70 percent of men questioned in favour and 58 percent of women opposed.

Early results Sunday were not broken down in terms of gender, but did show a divide between different regions, with the German-speaking part of the country clearly in favour of the reform and the French-speaking part opposed.

Initial results from Geneva for instance showed more than 62 percent of voters had voted against the plan, the RTS public broadcaster reported.

- Factory farming ban rejected -

While the pension reform plans appeared set to pass, gfs.bern projected that another hotly debated issue on Sunday's ballot, a proposed ban on intensive livestock farming, would not pass.

Early results showed that a full 63 percent of voters had rejected the popular initiative by animal rights and welfare organisations, gfs.bern said.

The backers of the initiative had wanted to make protecting the dignity of animals like cattle, chickens or pigs a constitutional requirement, and impose stricter minimum requirements for animal-friendly housing and care, access to outdoors and slaughtering practices.

The proposal, which essentially amounted to outlawing factory farming, would also have extended to imports of animals and animal products.

The government and parliament opposed the initiative, insisting that Switzerland already has among the world's strictest animal welfare laws, and warning that tightening the rules further would significantly hike prices.

Bern had also cautioned that the import clause could impact relations with Switzerland's trading partners.

Backers of the initiative said Sunday that while they would have liked to see their proposal pass, they were pleased the campaign had raised awareness about the issue.

"For us, it is in any case a victory," Vera Weber, head of the Franz Weber Foundation, told RTS, pointing out that "all of Switzerland has discussed the problems linked to intensive livestock farming and our meat consumption."

(T.Renner--BBZ)