Switzerland's trade unions want to use the central bank's profits to shore up the underfunded state pension system. Union representatives are launching a proposal in parliament.
Swiss wage earners have seen their disposable incomes come under pressure in recent years as premiums for their health insurance rose and payments from the private pension fund declined. At the same time, the government and the Swiss National Bank (SNB) made a hefty surplus – an imbalance that the trade unions aim to rectify. They presented a comprehensive plan of measures on Thursday (in German).
Shoring up the state pension system is one of the key demands: «We will launch a debate about the financing and propose a mechanism for the use of central bank profits for the state pension fund.» Jean-Yves Maillard, the head of the Trade Union Federation, a few weeks ago had indicated that the movement was working on such a proposal. The state pension fund has come to be underfunded as the population ages and the government has so far failed to deliver a long-term cure for the problem.
Representatives of the trade union federation will table proposals for shifting central bank profits to the state pension fund in parliament, according to a report in the «Der Bund» (in German) newspaper. Maillard is a national lawmaker and member of the Social Democrats.
