Sun, 8 November 2009
A century and a quarter after a cutler set out to supply Swiss soldiers with a survival tool, the Swiss Army knife adapts to the urban jungle.
Read Jessica of Swisstory's adventure in obtaining her Swiss driver's licence, with helpful checklist.
Expatica reader Carolyn Moncel searches for the best salons in Paris and Switzerland serving black women.
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Switzerland's rise in early retirement calls for a beneficial pension scheme.Switzerland’s pension scheme is built around a system of three “insurance pillars”. Each of these pillars aims to ensure individuals’ lifestyle after retirement, and to maintain the standard of living for their dependants in the event of disability or death. While Switzerland has one of the highest employment rates of older individuals among the industrialised nations, it has experienced an upward trend in early retirement in the last decade. However, Switzerland’s public policy does not promote early retirement, and there are no added benefits in terms of financial incentives for early retirees.
The First Pillar: Basic old-age insurance
The first pillar consists of the state-run basic old-age insurance. This insurance scheme is obligatory for all employees, self-employed, and unemployed individuals over the age of 20. It is referred to as AHV- Alters und Hinterlassenversicherung. Contributions are directly debited from salaries. Men over the age of 65, and women above 64 are entitled to draw a pension if they have contributed towards it for at least one year. The pension amount is calculated on the basis of the relative average income and the number of years one has contributed towards it.
For those opting for early retirement, the pension amount is reduced by between 3.4% and 6.8% for each year of early withdrawal. To be eligible for retirement, you must be over the age of 55 and have an annual income of over Sfr 100,000. Furthermore, you must have lived in Switzerland for at least 180 days a year. If on the other hand, a pension is drawn within any period up to five years after the retirement age, the amount can be expected to increase by over 5.2% or more per year.
For international people, if you are hailing from a country that has a bilateral pension agreement with Switzerland, you are entitled to your Swiss pension.
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