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Swiss add $14bn to jobless fund

Christian Fernsby ▼ | May 21, 2020
The Swiss government Wednesday moved to inject over 14 billion francs ($14.5 billion) into its unemployment insurance system, as requests from companies poured in seeking help for workers representing 37% of the wealthy Alpine country’s total workforce amid the coronavirus pandemic.
Swiss national bank
Requests   Swiss national bank
“These figures are historic,” Economy Minister Guy Parmelin told reporters in Bern, the capital. “Unfortunately, it needs to be said: 190,000 companies have requested indemnification and partial unemployment for more than 1,9 million workers.”

Topics: Swiss

He said Switzerland’s unemployment rate, which is low by international standards, rose to 3.4% from 2.5% in March, and is expected to top 4% next year. The Federal Council, Switzerland’s seven-member executive body, announced plans to inject 14.2 billion francs to the state unemployment insurance system.