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Swiss vote to give themselves a bigger pension
(www.bbc.co.uk)
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this post was submitted on 03 Mar 2024
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As someone from the USA, I am curious how would this work? The bill mandates that payments go out, but if it is not tied to a specific source of income to compensate, and some hard year happens (maybe this upcoming one) and there are insufficient funds, what happens then?
Actually, the pension by redistribution – which is concern by the vote – has $56.57 billions in reserve. This money doesn't sleep. Switzerland is using it has an investment found.
But, the Confederation has already thought about how to finance. There are two main propositions. The first is employers will have to contribute more. The second is that employers and employees will contribute as well as a higher VAT.
I am still blown away by the part where the legislatures give a single damn about what the people want:-).
Plus, how 60% actually manages somehow to win:-P.
The legislature didn't, the unions together with the leftist political minority pushed for this after the centre and right parties dragged their feet and did nothing for decades.
Ahhhh... now that makes more sense. :-D
They must care about it. The initiative states that it must be implemented no later than January 1, 2026.
We have a similar trend as in the US with retired being poorer each year. Also, the general population is poorer. Ad to that the Confederation gave billions to falling banks and to the economy during COVID without giving a f to the population. People now want they share.
As someone from the USA, don’t you know how this works? Congress votes for stuff without worrying about how to pay for it all the time. When there are hard years, you issue more debt. When there are easy years, you issue less debt but still don’t really reign in debt because your constituents demand more stuff and less taxes.