Blackden is a boutique of Swiss-based financial advisers whose work includes expat mortgages and primary & secondary residences, pensions and taxation. Based in Versoix.
GENEVA, SWITZERLAND – Some 2 million public sector workers are slated to walk out Wednesday 30 November in the UK, affecting schools, hospitals, government offices and public transport, among other services. The strike is over changes to government pension plans, with workers being asked to work longer hours to earn their pensions. The government announced Tuesday it wants to bring forward to 2026 a plan to move the pension age to 67.
Early reports indicate that 75 percent of schools in Britain are affected by the strike.
Prime Minister David Cameron lashed out early Wednesday at the union, holding them responsible for taking labour action while negotiations are going on. The BBC cites General secretary of the National Association of Head Teachers Russell Hobby, that “blame for any rise in union militancy – particularly among moderate unions – belongs fairly and squarely at the government’s door: A failure to negotiate in any meaningful sense until the last minute”.
The 24-hour strike is widely expected to involve up to two million workers, with the BBC labeling it “what is set to be the biggest walkout for a generation”.
Links to other sites: Daily Mail, Guardian, the Scotsman, Telegraph
Real estate and recovery in share prices account for improvement
Zurich, Switzerland (GenevaLunch) – Per capita net worth for Swiss households rose to about CHF333,000 in 2009, up from CHF316,000.
Home values rose in Switzerland in 2010
Housing prices and a recovery in share prices have brought Swiss household income back up to the level of 2007, before the 2008 global economic crisis, figures published Friday 19 November by the Swiss National Bank show. Financial assets held by households grew 8.7 percent in 2009, up CHF151 billion to CHF1,883 billion.
“Movements in financial assets were strongly influenced by rising stock market prices: roughly one-third of the price losses suffered in 2008 was recouped in 2009 on stock markets in Switzerland and abroad,” the central bank notes in a statement. The stock market improvement resulted in the value of household shares rising by CHF43 billion to CHF212b. The value of collective investment schemes climbed by CHF19b to CHF181b.
Pension funds see contributions outweigh benefits drawn
Pension funds, too, saw an improvement: contributions to occupational pension schemes exceeded the benefits drawn and price gains were recorded on pension fund investments, says the SNB.
More home buyers and rising apartment prices account for higher real estate value
The Swiss government provides two useful brochures for people working here who are considering relocating or retiring elsewhere. Both are in pdf format and can be downloaded:
Social Security in Switzerland, January 2010 update
Leaving Switzerland and Moving to an EU or EFTA country
Additional information is available from the Swiss-EU Liaison Office.
Swiss households' real estate assets, now more transparent
Zurich, Switzerland (GenevaLunch) – The net worth of Swiss households fell in 2008 from an average of CHF334,000 per capita to CHF312,000. About CHF200,000 of this is real estate and claims against insurance and pension plans. The drop in assets, the first since 2002, was due to sharp falls in stock market values. It would have been worse but for higher real estate values, which provided something of a safety net. Real estate assets, CHF1,315 billion in total, accounted for 43 percent of all household assets at the end of 2008, up from 39 percent the previous year.
Real estate prices climbed in 2008
The total value of households’ real estate rose by CHF73 billion in 2008.
The figures were released by the Swiss National Bank (SNB) Friday 20 November, as part of the national financial accounts. This is the first year that assets include households’ real estate. The report notes that:
“financial assets held by households declined by CHF199 billion (10.4%) to CHF1,718 billion, while assets held in real estate increased by CHF73 billion (5.9%) to CHF1,315 billion. Liabilities rose by CHF15 billion (2.4%) to CHF629 billion. As a result of these developments, households’ net worth fell by CHF 141 billion (5.5%) to CHF2,403 billion.”
