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Switzerland. Pension reform passes in parliament but set to be challenged to vote
By SWI
The overhaul also foresees financial compensation – staggered over nine years for women directly affected by the change – as well as an increase in value-added tax.
Both chambers of parliament on Wednesday agreed on a series of compromises, but left-wing political parties and trade unionsExternal link have vowed to challenge the reform in a nationwide vote.
They argue women have to bear the brunt of the reform as their official retirement age will be set at 65, in line with those of men but one year longer than under current rules.
Stabilise funding
The aim of the reformExternal link is to stabilise the finances of the mandatory pension scheme, funded through contributions by employers, employees and the state, amid a growing elderly population.
Supporters say the pension system could be in danger by 2030, if the funding is not put on a more solid basis.
Read more @Swiss
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