How inflation is affecting the minimum wage in Switzerland, the latest in the SWISS airline strike, and more in our roundup of news from October 21 – 25.
Swiss energy crisis may last ‘several years’
In an interview will Tagblattthis weekend Swiss Economics Minister Guy Parmelin said he believes the energy crisis will last “several years” and admitted that the Swiss government had “relied too much on importing energy when in doubt.” He stressed the importance of Switzerland to look beyond just this winter in terms of energy conservation and investing in renewable energy sources. Switzerland will still be dependent on oil and gas for 2023 and 2024; but, it could make changes in efficiency now that could affect the future. Parmelin said the most pressing side effect of the energy crisis is a potential economic crisis. Germany, Switzerland’s most important source for natural gas during the winter, is likely headed into a recession. That could have an impact on the Swiss economy, he said. Read more.
SWISS Airline strike called off
Days before SWISS pilots planned to walk off their jobs in a strike for better working conditions, airline management and the pilots’ union Aeropers announced they had reached an agreement Monday. The dispute began in March 2022 when SWISS and its pilots ended their collective labor agreement to increase salaries. The pilots say that post-COVID travel surges, staff shortages, and global disruptions have made their jobs more difficult. A survey published last week found that an overwhelming majority of pilots said they would strike if no agreement could be met to better their salaries. Read more.
Minimum wage surges in Geneva
The minimum wage in Geneva will increase to 24 francs an hour in 2023, up CHF 1 since the canton introduced a minimum wage of 23 francs an hour in 2020 with 60 percent of voters for the move. At the time, it was considered the highest minimum wage in the world, as a minimum wage earner could make about CHF 4,000 a month; but, that doesn’t go far in a city that is also consistently in the top five most expensive cities in the world. With the adoption of a minimum wage, residents also approved that it would be reassessed each year and adjusted on the basis of the canton’s consumer price index. While the rate has increased by 20 cents or so each year, the wage will jump up in 2023. Those who benefit the most are cross-border workers, also know as the “frontaliers.” Read more.
Rolex: ‘Energy crisis letter’ a hoax
Rolex appeared to announce this month that it would cut its watch production in half this winter at its factories to save energy as Switzerland faces a nationwide energy crisis. In a letter dated October 17 and signed by Rolex CEO Jean Frédéric Dufour, the Swiss luxury watch company appeared to announce that all watch orders will be delayed by about four to six months as a result as it adapts “the supply problems as a consequence of the Russian invasion of Ukraine.” Over the weekend CEO Dufour announced that the letter was a fake and that Rolex was not planning on halving its production. Read more.
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