Swiss vote to give themselves a bigger pension

Swiss voters have granted themselves an additional month’s pension each year through a nationwide referendum focused on improving living standards for the elderly. Despite concerns raised by the government over affordability, nearly 60% of voters supported the measure in Sunday’s poll. Moreover, 75% of voters rejected the proposal to raise the pension age from 65 to 66.

However, the maximum monthly state pension of €2,550 (£2,180) is deemed insufficient by many, especially in Switzerland’s high-cost cities like Zurich and Geneva. The rising cost of living, coupled with mandatory health insurance premiums, poses significant financial challenges for older individuals, some of whom find it difficult to afford.

Particularly affected are women who may have taken career breaks for family responsibilities and immigrants who were recruited decades ago to work in Swiss industries. These groups often struggle to make ends meet as they navigate the financial demands of retirement.

With financial pressures mounting, more people are compelled to work into their 70s, not out of choice, but out of necessity.