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Swedes back bonuses: study

Despite intense media focus on the issue of executive bonuses, the majority of Swedes are in favour of performance-related pay, a new survey published on Friday shows.

Published: 3 April 2009 14:20 CEST
Swedes back bonuses: study

Only 26 percent of Swedes are against performance-related bonus systems, with 53 percent in favour, according to the survey by Demoskop.

“From the debate one can get the impression that bonuses and high remuneration packages completely lack the people’s support. But it is more the link between performance and remuneration that people desire,” said Demoskop CEO Anders Lindholm in a statement.

The survey also shows that of five professions – sports star, music artist, businessman, self-employed and company leader – the self-employed were considered most deserving of a high salary.

Almost 80 percent considered high salaries to the self-employed to be positive or very positive.

But company CEO’s are not afforded the same goodwill with 75 percent of those surveyed considered their high salaries and bonuses to be negative or very negative.

A majority did not consider CEO pay to be adapted to input and there is a broad scepticism over the importance of a CEO for a company’s results. Only 12 percent considered the CEO’s impact on results to be “very large”.

The negative picture is also exacerbated by the belief, held by 55 percent of Swedes, that company boards have little or no ability to shape the systems for awarding executive pay.

“The survey indicates that boards and politicians should not be concerned over the existence of bonuses and high remuneration, but instead how the relevant remuneration is designed, and how to explain its logic,” Anders Lindholm concluded.

Demoskop interviewed 1,000 Swedes for the survey.

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Cashless Switzerland: What is Twint and how does it work?

If you live in Switzerland, you are likely no stranger to Twint and maybe even use it regularly to make and receive payments. But if you are not familiar with this app, this is what you should know.

Published: 3 November 2021 13:21 CET
Updated: 22 March 2024 11:46 CET
Twint app can be installed on a mobile phone.
“Twinting” money with a smartphone is easy and convenient. Photo by Andrea Piacquadio from Pexels

In Switzerland, the word “Twint” is used both as a noun and a verb.

As a noun, it describes the mobile application which allows you to pay for various goods and services practically everywhere in the country.

As a verb, (“to twint”), it means to send someone money, or receive it, via the same app.

So what exactly is Twint?

Simply put, it is digital cash (not to be confused with bitcoin, which is digital currency) that was first introduced in Switzerland in 2014 and has become very popular since then.

Twint logo. Image by Twint.ch

People like it because it is an easy and quick way to make instantaneous payments, especially in situations when credit cards or physical cash can’t be used.

A big part of its convenience is that it can be used at cash registers, vending machines and parking meters, as well as in online shops — pretty much everywhere in Switzerland, even in places that don’t accept credit cards.

The only similar mode of payment would be your maestro debit card issued by your bank.

This video explains exactly how the process works.

Another advantage of Twint is that you can use it to send money to someone else’s mobile phone — as long as they also have Twint. And you can receive money the same way.

And there are no fees or charges for this service.

How does Twint work?

Anyone can use Twint, but you need a Swiss bank account or a credit card and, of course, a smartphone.

According to Twint website, you need a smartphone with either an iOS (from version 12.2 and upwards) or Android (from version 7 and upwards) operating system and Bluetooth capability (from version 4.0 and upwards).

“It is generally not possible for Twint to be used on Apple devices with an operating system older than “iOS 12.2” or on Android devices with an operating system older than “Android 7”. On Android devices without access to the Google Play Store (e.g. on certain HUAWEI models), the use of Twint app is also not possible”.

But If you have a compatible phone, installing Twint is easy.

Swiss banks offer their own version of the app, and you can download it directly from your bank’s website.

Then, when you use Twint to make a payment, the amount is debited directly from your bank account or credit card.

By the same token, if you receive payment from another Twint user, the money is automatically deposited in your account.

And you are not limited to just one Twint app.

If you have accounts is several banks, or have more than one credit card, you can install and use all of them.

READ MORE: How to open a bank account in Switzerland

Can Twint be used to make payments and receive money from abroad?

For the moment, Twint can be used solely in Switzerland and payments can be made only in Swiss francs – although this may change in future. 

“We are, however, working closely with providers in other countries to develop an international and multi-currency solution”, according to Twint website.

You can find more information about Twint here.

READ MORE: Which bank is best for Americans in Switzerland?

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