The failure of the two houses of parliament to agree on next year’s federal budget will result in hundreds of millions of francs going to pay off the country’s debt rather than fund pension provision.
Women in Switzerland will likely need to work for a year longer, after the lower house of parliament voted on Wednesday to extend their retirement age to 65.
Sixty-three percent of Swiss oppose an automatic raising of the pension age to 67 in the event the country’s social insurance plan (AHV) hits financial difficulties.
Retirement assets totalling close to three billion francs are lying dormant in Swiss occupational pension funds because their beneficiaries cannot be traced, according to a report.
Switzerland has one of the best pension systems in the world but it lags behind those in Denmark and three other countries, according to an Australian study.
Donald Rumsfeld, the controversial former US secretary of defence, is receiving around 5,000 francs ($5,680) a year in benefits from the Swiss social security system (AHV), according to a news report.
Around 6.3 billion francs is waiting to be claimed after hundreds of thousands of workers in Switzerland changed jobs and “forgot” to transfer their occupational pension contributions, the authorities say.