Happy 733 birthday, Switzerland!
Though not exactly ‘news’, the biggest event today in Switzerland is the National Day, which marks an important and defining moment in Switzerland’s history: August 1st 1291, when cantons of Uri, Schwyz and Nidwalden pledged autonomy from foreign powers — the promise that has been holding true, and celebrated, ever since.
Typically, this day is celebrated with political speeches, bonfires, fireworks, processions, and barbecues in nearly all Swiss communities (the very small ones often join forces with neighbouring villages for a common celebration).
This is what you can expect to happen across Switzerland today.
And keep in mind that although this holiday falls on a Thursday, most businesses will be closed:
READ ALSO: What’s open and closed in Switzerland on August 1st?
Also starting today:
Extended unemployment benefits to go into effect
Swiss employees put on a reduced work schedule (RHT) will receive unemployment benefits for a longer period.
Up until now, employees whose work hours had been cut due to economic problems faced by their sectors, received unemployment benefits for 12 months.
But that is about to change — the Federal Council decided to prolong this term by six months, for a total of 18, starting on August 1st.
READ ALSO: Partial unemployment benefits in Switzerland to be extended on August 1st
Swiss banks begin to lower their interest rates
In June, the Swiss National Bank (SNB) cut its key interest rate from 1.50 to 1.25 percent.
The banks are expected to follow suit, gradually, from August 1st.
Raiffeisen Group, for instance, now recommends an interest rate of 0.70 percent for members’ savings accounts, compared to 1.10 percent previously. For deposits of more than 100,000 francs, the interest rate is reduced from 0.70 to 0.45 percent. For other types of savings accounts, too, the reduction is up to 0.5 percentage points.
This means that returns on your assets will likely dwindle as well.
By how much exactly they will decrease depends on your bank and the type of accounts you have there, so you have to wait to receive information to that effect sometime after August 1st.
Switzerland to spend 300 million francs to protect Schengen borders
The aim of this move, to begin on August 1st, is “to improve the protection of the external borders of the Schengen area and, therefore, to increase the effectiveness of border controls and prevent illegal immigration,” the Federal Council said.
Although Switzerland is not a member of the European Union, it does belong to the Schengen zone, and considers the 300-million-franc contribution justified.
“Effective and integrated management of the external borders of the Schengen area is also in Switzerland’s interest,” the Federal Council pointed out.
READ ALSO: Why is Switzerland spending 300 million francs to protect Schengen borders?
And this is what’s happening in Switzerland for the rest of the month:
READ ALSO: Everything that changes in Switzerland in August 2024
If you have any questions about life in Switzerland, ideas for articles or news tips for The Local, please get in touch with us at [email protected]
Member comments