Swiss Labor Market Remains Tense

Posted on 07 December 2009 by PCT

swiss_labourThe Swiss employment market continued to deteriorate in the 3rd quarter with some sectors of the economy struck harder than others. The most jobs were lost in the luxury industries and watch making sector with the unemployment rate skyrocketing nearly 300% in a period of 12 months. Also the number of unemployed increased by roughly 150% over the same 12 month period. Workers in energy and real estate saw the number of their unemployed double over the past year.

The relative scarcity of jobs compared with the same period in 2008 or 2007, has resulted in governmental discussion as to whether to increase the length of paid unemployment compensation. Currently the maximum period is 440 days. The Socialists and the Workers Party would like to see it returned to 520 days.

Another measure under consideration is the raising of the legal limit for partial unemployment – which permits companies to reduce the working hours (and salaries) of staff while keeping them on the payroll. The loss in salary is compensated by unemployment insurance.

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